Pharmamar rises strongly on the Ibex 35 after agreement in Turkey. Will the double minimum pattern validate?

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PharmaMar rises more than 3% on the Ibex 35 and takes its price above 56.94 euros. A rise that occurs in a downtrend in the value that has led it to consolidate below its 40-period simple moving average or medium term, as well as the support zone, now resistance, projected from 68.50 / 66.26 euros per share.

In the shorter term, Ramón Bermejo, head of the Professional Trading Service, assures that in the last sessions “the value could be drawing a pattern of double minimum that has not yet begun to be validated by not violating the 56.10 euros in a daily closing ”. The value has had an inside bar that it validated yesterday, today it has had new highs and for the market to continue recovering it must violate the 56.10 euros at the close.

The minimum theoretical objective of the figure is 60.27 euros and the next resistance is at 60.42 euros. This leaves potential 7.9% and 8.25% above current prices.

According to the terms of the agreement, PharmaMar will receive an undisclosed initial payment and will be eligible for additional compensation, including payments for regulatory and sales milestones.. PharmaMar will retain the production rights and will sell the product to EczacÄ ± baÅ ?? Ä ± for clinical and commercial use.

EczacÄ ± baÅ ?? Ä ± will pursue the marketing authorization in Turkey and will have the right to market the product exclusively, once approved. What’s more, It is planned to launch a compassionate use program in Turkey through TEB (Turkish Pharmacy Association) to make lurbinectedin accessible to patients with recurrent small cell lung cancer, who cannot enter clinical trials and for whom there are no alternative treatments.

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Luis Mora, Managing Director of PharmaMar’s Oncology and Virology Business Units, said: “This is the second agreement we signed with EczacÄ ± baÅ ?? Ä ±. We have great confidence in his team and we are sure that, if is approved, they will bring lurbinectedin to patients with small cell lung cancer in Turkey. “

Basbug Oke, Managing Director of EczacÄ ± baÅ ?? Ä ± Pharmaceuticals Marketing Co, stated that “We are passionate about launching innovative medicines in Turkey and PharmaMar is a unique partner, given its experience in research and development. Lung cancer is the main cause. mortality rate from cancer, with 37,000 deaths per year in Turkey, and we believe that lurbinectedin will be an important treatment option for small cell lung cancer. We look forward to working closely with PharmaMar to rapidly bring lurbinectedin to patients in Turkey. “

The FDA (Food and Drug Administration) granted accelerated approval of lurbinectedin for the treatment of metastatic recurrent small cell lung cancer in 2020. Additionally, in 2021, lurbinectedin has received marketing approval in the United Arab Emirates, Canada, Australia, and Singapore.

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