iBio joins AzarGen Bio to develop rituximab biosimilar
iBio inc(IBIO) currently trades at $1.12 and has has fallen by 2.61% in the past 24 hours. iBio has entered into a second Statement of Work under its Master Joint Development Agreement (the “MJDA”) with AzarGen Biotechnologies. The company plans to transfer its FastPharming Manufacturing System to AzarGen in South Africa for production of critical biological medicines for the African continent.
Based on this information, investorsQ rates this stock a 7 out of 10. We give it this rating because in September 2019, AzarGen contracted with iBio to manufacture research quantities of rituximab for bioanalytical testing. With that said, iBio will now manufacture additional supplies to enable pre-clinical studies comparing plant-made rituximab to the original molecule made using genetically engineered mammalian cells. The high forecast for iBio inc is $30 and the low is $30. Notably, the company’s market cap is $113.62 million with a 52 week high of $3.40 and a 52 week low of $0.05.