BUZZ-Intellipharmaceutics International Inc: Set to open at 7-mnth high

Wed Oct 12, 2016 9:15am EDT
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** Generic drugmaker's U.S.-listed shares up 12 pct at $3.18 premarket, on pace to open at more than 7-mnth high

** Says Mallinckrodt Plc to distribute generic versions of some of company's extended release drug candidates in U.S. as part of licensing deal

** Company to get upfront payment of $3 mln in October as part of the 10-year agreement

** Drug candidates under deal include generic versions of psychiatric drug Seroquel XR, antidepressant Pristiq and anti-epileptic medication Lamictal XR

** Deal also provides for long-term profit sharing arrangement

** Stock gained about 19 pct on Monday after company's generic of AstraZeneca's psychiatric drug, Seroquel XR, won tentative FDA approval

** Up to Tuesday's close, stock had gained 40 pct of its value YTD