The Starpharma Holdings Ltd (ASX: SPL) share price is soaring following the company announcement of a partnership agreement.
At the time of writing, the dendrimer product developer's shares are up 6.11% to $1.215 apiece. It's worth noting that in the past week alone, the company's share price has leapt by almost 17%.
Let's take a look at what Starpharma updated the ASX with.
Image source: Getty Images
Starpharma partners with Roche Group
Investors appear excited by the company's latest announcement, sending the Starpharma share price to a 2-month high.
According to its release, Starpharma advised it has entered into an exploratory DEP Research Agreement with Genentech.
Founded in 1976, Genentech is an American biotechnology company that became a subsidiary of the Roche Group in March 2009. Genentech develops medicines for people with serious and life-threatening diseases, such as cancer and progressive multiple sclerosis.
The partnership will see an initial focus on evaluating DEP (dendrimer-based) drug chemical compounds.
A leader in dendrimer-based drug delivery, Starpharma's proprietary drug delivery platform technology, DEP, is used to improve pharmaceuticals. This reduces toxicities and enhances performance across a wide range of drug classes.
Starpharma's DEP technology has shown promising results so far, producing four clinical-stage products.
The company already has a number of existing DEP agreements with several leading international pharmaceutical companies. These include AstraZeneca, Merck & Co., Chase Sun, and several other undisclosed partnerships.
Starpharma share price summary
At the beginning of 2021, Starpharma shares rocketed to an all-time high of $2.52 in mid-February. However, the sharp rise was followed by a fall with the company's shares quickly crashing down the following month.
Since then, the Starpharma shares have continued their downward trend, hitting a 52-week low of $1 in November.
Overall, the Starpharma share price is down by almost 5% in the past 12 months and is more than 20% lower in 2021.
The company presides a market capitalisation of roughly $496 million, with approximately 406.68 million shares on its books.
