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(Alliance News) - The following stocks are the leading risers and fallers within the main London indices on Friday.
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FTSE 100 - WINNERS
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Hikma, up 4.2% The drugmaker said late Thursday that it has received approval from the US Food & Drug Administration for its generic version of GlaxoSmithKline's Advair Diskus drug. The regulator gave Hikma the all clear to launch 100 microgram, 50 microgram and 250 microgram and 500 microgram doses for the asthma treatment in the US. Hikma highlighted it has worked with inhaler drug delivery solutions provider Vectura Group to develop the proprietary dry powder inhaler and formulation technology. As a result of the approval, Vectura will receive a milestone payment of USD11 million which will be recognised in 2020, and will earn a mid-teen royalty on net sales of the product. Shares in FTSE 250-listed Vectura were up 5.7% on Friday. Glaxo was up 0.4%
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FTSE 100 - LOSERS
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Flutter Entertainment, down 2.2% The owner of Paddy Power late Thursday said the Kentucky Supreme Court in the US has reinstated an award of damages against subsidiaries of the gaming firm's Stars Group business, made in 2015. The Kentucky Court of Appeals in 2018 had voted in favour of Stars, discarding the massive penalty that had been imposed by a trial court judge in December 2015 for alleged losses incurred by Kentucky residents who played real-money poker on PokerStars between 2006 and 2011. Flutter, which merged with Canada's Stars Group earlier this year, said the 2015 ruling had subsequently been vacated in its entirety by the Kentucky Court of Appeals in 2018. The outcome of Thursday's Kentucky Supreme Court ruling, it noted, is that the USD870 million judgement against Stars has been reinstated, with compounding interest of 12% per year. Flutter said gross gaming revenues that Stars generated in Kentucky during the period were around USD18 million and having taken legal advice, Flutter said it is confident that any amount it ultimately becomes liable to pay will be a limited proportion of the reinstated judgement.
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FTSE 250 - LOSERS
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Petrofac, down 2.2%. Barclays cut the oilfield services provider to Equal Weight from Overweight.
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OTHER MAIN MARKET AND AIM - WINNERS
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Scancell, up 14%. the novel immunotherapies developer said it has selected its Covid-19 vaccine candidate SN14 for further development and clinical trials. The SN14 vaccine candidate targets both the SARS-CoV-2 nucleocapsid protein and the key receptor-binding domain of the spike protein. It is based on a modification of Scancell's ImmunoBody DNA vaccine technology. Scancell had initially evaluated 15 vaccine candidates containing different S and N components for the best T cell and antibody responses. SN14 elicited high-titre anti-S virus neutralising antibodies together with high avidity T cells against both the S and N proteins. In October, Scancell partnered with Cobra Biologics to conduct preliminary work for the manufacture of SN14, with the intention of commencing a phase one Covidity trial as soon as possible during 2021.
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OTHER MAIN MARKET AND AIM - LOSERS
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Hurricane Energy, down 29%. The oil and gas company said it has completed a remapping exercise to more accurately define the reservoir horizons in Lancaster and is considering a side-track to its existing 205/21a-7z well. Development costs are currently estimated at USD60 million, and subject to a sanction decision in the first quarter of 2021 and securing a suitable rig and equipment, the company said it estimates first production from the well should be possible by late 2021. The company has appointed Evercore Partners International and Dentons UK & Middle East as its financial and legal advisors, respectively. Discussions with key stakeholders - including holders of outstanding convertible bonds - and are expected to commence shortly. "It should be noted that there is a risk of dilution to existing shareholders from a possible restructuring and/or partial equitisation of the convertible bonds. Furthermore, if no agreement can be reached with the company's stakeholders on additional investment, further development activity at Lancaster might not be possible," the company said.
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By Lucy Heming;Â lucyheming@alliancenews.com
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