Shares of the biopharmaceutical company, Centogene N.V. (NASDAQ: CNTG) skyrocketed in morning trading after the company announced a strategic partnership with Lifera, a biopharma company completely owned by the Public Investment Fund (PIF) based in Riyadh, Saudi Arabia.
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As a part of this collaboration, Centogene will receive an investment from Lifera in the form of a $30 million mandatory convertible loan with a six-month term and a conversion price of $2.20 per share of CNTG’s common stock including significant collaboration-based performance-related milestone payments, and revenue-based royalties over the next ten years.
According to Centogene’s press release, this joint venture will focus on “providing state-of-the-art multiomic testing services to patients, health systems, biopharma clients, and research institutions in Saudi Arabia and countries of the Gulf Cooperation Council (GCC).”
CNTG stock has soared by around 30% year-to-date.
