Open Orphan plc (LON:ORPH), a rapidly growing specialist CRO pharmaceutical services company which is the world leader in the testing of vaccines and antivirals using human challenge clinical trials, has announced a new 2-year contract with a tier 1 German pharmaceutical company which is one of Europe’s top research-driven pharmaceutical companies.
The contract guarantees annual revenue, for the next two years, with work under the contract to commence this month. The contract will see the Venn Life Sciences, part of Open Orphan plc, Breda office in the Netherlands, build upon its strong existing relationship with this German pharmaceutical company.
This contract is an extension of the relationship built with the leading German pharmaceutical company. The new contract is in addition to the work currently undertaken by Venn, to the client, providing support in quantitative sciences (pharmacokinetics and pharmacometrics) as well as earlier stage projects.
As pharmacometric analysis is becoming an ever more important part of regulatory submissions, the Venn team in Breda is increasing its specialisation with the ambition of becoming the European leader in pharmacometric analysis.
Cathal Friel, Executive Chairman, Open Orphan, said:
“Open Orphan’s subsidiaries continue to excel, highlighting the well-rounded expertise of the group and in turn maximising shareholder value. This contract delivers on a number of our ambitions, it is a large multi-year contract generating recurring revenues, it is with a large partner and it utilises our expertise in pharmacometric analysis.”
“This new contract further demonstrates Open Orphan’s ability to execute on its significant pipeline of contracts with major pharmaceutical business. It also demonstrates Venn Life Sciences position as a market leader in its field.”