Hutchison China Meditech (LSE:HCM)
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2 Years : From May 2011 to May 2013
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HUTCHISON CHINA MEDITECH LTD. (HCM.LN), a pharmaceutical company, said its majority-owned subsidiary Hutchison MediPharma Ltd. has signed a global licensing agreement with ASTRAZENECA PLC (AZN.LN) to develop Volitinib (HMPL-504), a cancer treatment drug.
The firm said it will receive an initial $20 million from AstraZeneca, with a further $120 million due on the successful achievement of clinical development and first sale milestones.
At 1200 GMT, shares +59.5 pence, or 23%, at 322.5 pence.
PHOENIX GROUP HOLDINGS (PHNX.LN), the insurance group currently in takeover discussions with private equity firm CVC Capital Partners, said Finance Director Jonathan Yates will leave the company early in the New Year to become chief executive of Guardian Financial Services.
Phoenix said Paul Miles, currently deputy finance director, will become interim finance director while a permanent replacement is sought.
Shares +8 pence, or 1.6%, at 517.5 pence.
THORNTONS PLC (THT.LN), a chocolate retailer, warned its profit for its fiscal year 2012 would fall below expectations, reflecting continued weakness in consumer demand and high levels of promotional activity amongst its competitors.
The high street chain said profit before taxation, exceptionals and impairment and lease charges would just about break even for the 53 weeks ending June 30.
Shares -14 pence, or 37%, at 24 pence.
BEAZLEY PLC (BEZ.LN) said it is interested in entering talks to buy Hardy Underwriting Bermuda LTD. (HDU.LN), renewing its pursuit of its fellow Lloyd's of London insurer following an unsuccessful approach in 2010.
In early December, Hardy said it had received several expressions of interest in the company and would conduct a strategic review to determine whether a sale would be in the best interest of shareholders.
Beazley shares +1 pence, or 0.8%, at 135 pence. Hardy shares +16 pence, or 9.1%, at 191 pence.
TRAVELZEST PLC (TVZ.LN), a travel and holiday operator, Wednesday said it has terminated offer talks with Red Label Vacations Inc. after receiving a "significantly undervalued" indicative proposal, adding that it is no longer in talks regarding an offer for the company from any party.
Separately, Travelzest said it will concentrate on its Canadian operations and divest of all of its under-performing U.K. assets.
Shares -2.13 pence, or 25%, at 6.25 pence.
STM GROUP PLC (STM.LN), a financial services provider, said revenue for the second half of 2011 is expected to be below management's expectations, reflecting falling demand in its Gibraltar CTS business.
The company said it now anticipates full year revenue of around GBP10 million and pretax profit of GBP750,000.
Shares -3.5 pence, or 23%, at 11.75 pence.
FTSE Small-Cap +0.3%
-By Peter Evans, Dow Jones Newswires; +44 (0) 20 7842 9296; firstname.lastname@example.org