November 20, 2017 / 3:06 PM / a year ago

BUZZ-Acasti Pharma: Nearly doubles on potential deal with Chinese co

** Canadian drugmaker’s U.S.-listed shares nearly double to $2.42 in early trade

** Stock is biggest pct gainer on Nasdaq; touches 2-year high in stock’s busiest day ever, more than 5.8 mln shares traded in half an hour

** ACST enters into non-binding term sheet with China-based pharma co; name not diclosed

** Says if deal is final, the Chinese co would have an exclusive license to market Acasti’s lead drug, CaPre, in some Asian countries, including China

** CaPre is being developed to treat severe hypertriglyceridemia, which is characterized by elevated levels of a type of fat in the blood, often caused by uncontrolled diabetes, obesity and sedentary habits

** Acasti would receive $8 mln in upfront payment; will also be entitled to receive additional milestone payments of about $125 mln and double-digit royalties on net sales

** ACST’s market valuation was $18.8 mln, as of Friday close (Reporting by Divya Grover)

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