- Pharmaceutical consultancy Open Orphan has signed a new three-year contract with a tier-one German pharmaceutical company.

The contract, with one of Europe's top research-driven pharmaceutical companies, guarantees significant annual revenue with work under the contract to commence this month, Open Orphan said.

The consultancy's subsidiary Venn Life Sciences will build on its existing relationship with the unnamed German pharmaceutical company. It already provides support in clinical trial data analysis as well as earlier stage projects.

The new deal will see it provide consulting services for pharmacokinetics, a branch of pharmacology dedicated to determine the fate of substances administered to the human body. These models help pharmaceutical companies to decide dosage and potential adverse effects in new drugs under development.

Cathal Friel, chief executive of Open Orphan, said: 'This new contract is further evidence of Open Orphan delivering against one of its key objectives, transforming Venn by transitioning from ad-hoc short-term contracts to long-term contracts with high quality customers thereby delivering secured recurring revenues for the business.

'We look forward to delivering the contract and building upon this great partnership with one of the leading companies in the European pharma industry.'

At 8:27am: [LON:ORPH] share price was +0.55p at 5.4p

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