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BUZZ-Xenetic Biosciences Inc: Soars on deal with Shire's unit

Reuters - UK Focus

** Drug developer's shares up as much as 67.19 pct to $3.7 - stock top pct gainer on Nasdaq (Frankfurt: 813516 - news) , after it says entered agreement to license rights of certain patents related to its drug development platform PolyXen to Baxalta Inc, a wholly-owned unit of Shire Plc (Xetra: S7E.DE - news)

** Company and Baxalta (Xetra: 9BX.DE - news) had a previous agreement related to certain products for the treatment of blood and bleeding disorcers

** Under the agreement, Baxalta agreed to pay Xenetic a one-time payment of $7.5 mln and single digit royalty payments based upon net sales of the products covered under it

** Up to Wednesday's close, stock had fallen 48.60 pct this year (Reporting by Akankshita Mukhopadhyay)