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BioMS Medical Corp.’s lucrative drug development deal with global giant Eli Lilly caught the market’s attention on Tuesday as shares rose as much as 50 per cent.

They closed at $3.69, up 99 cents, or 36.67 per cent, on a volume of 4.3 million shares, but went as high as $4.35 in early trading.

The deal, announced after market close Monday, gives BioMS an upfront payment of $87 million, development and sales milestone payments up to $410 million, and escalating royalties in exchange for exclusive worldwide rights to multiple sclerosis drug MBP8298.

It’s one of the biggest development deals for a single drug product in Canadian history.

Tuesday’s stock price climb still left it below the 52-week high of $4.29 which was hit at the beginning of the year.

CEO Kevin Giese believes it can go higher.

“It’s a huge market opportunity and I would hope the market would see the value. I see some analysts have raised their one-year targets higher than where the stock is now, so hopefully that will happen.”

Giese said the company has to keep telling its story, especially south of the border where it is not as well known.

The companies will share some of the MBP8298 development costs, with Lilly responsible for future R&D, manufacturing and marketing.

BioMS will continue to oversee the two pivotal Phase 3 clinical trials being conducted for secondary progressive MS, and the Phase 2 trial for relapsing-remitting MS.

BioMS Medical Corp.’s lucrative drug development deal with global giant Eli Lilly caught the market’s attention on Tuesday as shares rose as much as 50 per cent.

They closed at $3.69, up 99 cents, or 36.67 per cent, on a volume of 4.3 million shares, but went as high as $4.35 in early trading.

The deal, announced after market close Monday, gives BioMS an upfront payment of $87 million, development and sales milestone payments up to $410 million, and escalating royalties in exchange for exclusive worldwide rights to multiple sclerosis drug MBP8298.

It’s one of the biggest development deals for a single drug product in Canadian history.

Tuesday’s stock price climb still left it below the 52-week high of $4.29 which was hit at the beginning of the year.

CEO Kevin Giese believes it can go higher.

“It’s a huge market opportunity and I would hope the market would see the value. I see some analysts have raised their one-year targets higher than where the stock is now, so hopefully that will happen.”

Giese said the company has to keep telling its story, especially south of the border where it is not as well known.

The companies will share some of the MBP8298 development costs, with Lilly responsible for future R&D, manufacturing and marketing.

BioMS will continue to oversee the two pivotal Phase 3 clinical trials being conducted for secondary progressive MS, and the Phase 2 trial for relapsing-remitting MS.