Baxter International shares rose to a record after it entered into a partnership agreement with Taiwan’s ScinoPharm. The company said it joined forces with ScinoPharm Taiwan to develop, make and sell five injectable drugs used in a range of cancer treatments, including lung cancer, multiple myeloma and breast cancer, as well as medication to treat nausea and vomiting, common side effects of chemotherapy.
The agreement also gives Baxter the option to partner with ScinoPharm, which makes generic versions of active pharmaceutical ingredients, in relation to as many as 15 additional injectable molecules.
Under the terms of the deal, the companies will develop the products together and Baxter will hold commercialization rights for the products included in the arrangement which will probably be launched beginning in 2020. The shares rose 2% on Tuesday morning. The new 52-week range is $38.99 to $51.39.