ALK-Abello A/S, the world’s largest maker of immunotherapy treatments, gained the most in 16 months in Copenhagen trading after agreeing to license its anti-dust mite allergy drugs in a transaction worth potentially more than 60 million euros ($82 million).
ALK gained 10 percent after the Hoersholm, Denmark-based drugmaker agreed to license its products in Japan to Torii Pharmaceutical Co. Torii will pay ALK 30 million euros up front, another 30 million euros in milestone payments, and royalties.
The Danish company aims to broaden the market for its allergy treatments by converting them from injections taken over the course of several years, into tablets. Under the agreement, Toyko-based Torii gains rights to develop and sell ALK’s dust mite pill Mitizax, market its injection version and develop a cedar pollen allergy pill.
ALK advanced 33 kroner to 353.50 kroner, giving it a market value of 3.58 billion kroner ($654 million.) The stock has fallen 14 percent in the past 12 months, compared with a 2.7 percent gain in the Bloomberg Europe Pharmaceutical Index.