Benzinga | Mar 12, 2021 09:59AM EST

NLS Pharmaceutics Stock Surges On Obesity Drug Licensing Pact With Novartis Pharma

NLS Pharmaceutics AG (NASDAQ: NLSP) stock has more than doubled in reaction to a License Agreement with Novartis Pharma AG, a unit of Novartis AG (NYSE: NVS), wherein NLS secured an exclusive license to Sanorex (mazindol) in the U.S.

* Sandoz developed Sanorex as an immediate-release obesity drug designed to shed pounds fast.

* The agreement encompasses all preclinical and clinical studies, data used for manufacturing, formulation data, and know-how for all products containing mazindol as an active substance, post-marketing clinical studies, and periodic safety reports.

* Under the agreement, NLS has obtained the same rights on a non-exclusive basis outside the U.S., except for Japan.

* The agreement includes the right to sublicense or assign the license to third parties.

* NLS went public in January this year and priced its IPO at $4.15 per unit.

* Price Action: NLSP shares have surged 123.4% at $6.29 in market trading hours on the last check Friday.