Malvern’s PhaseBio saw its shares soar after it signed a financing and co-development deal with California-based SFJ Pharmaceuticals worth up to $120 million, writes Ryan Sharrow for the Philadelphia Business Journal.

The pharmaceutical firm will work with SFJ on the development of PB2452, one of its lead drug candidates. The drug is a reversal agent for patients who use blood-thinner ticagrelor and are experiencing significant bleeding or need urgent surgery.

The company will use the funding for development expenses and to help with getting regulatory approval in other countries. SFJ will provide funding of up to $90 million through the end of 2021 and an additional $30 million if PhaseBio meets specific clinical milestones.

This news gave PhaseBio’s shares an 18 percent boost, bringing their price to $6.66 per share. The shares reached their all-time high in April at $14.66.

As part of the deal, the Malvern company will pay SFJ a series of annual payments over up to eight years after the drug receives regulatory approvals in the U.S., the European Union, and China or Japan.

PhaseBio will keep exclusive worldwide commercial rights to the drug.

Read more about PhaseBio in the Philadelphia Business Journal here.

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