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Earnings

Pharma Mar posts 131 million euro nine-month net profit thanks to Jazz Pharma agreement

MADRID (Reuters) - Spanish biotech Pharma Mar PHMR.MC booked a 131 million euro ($152.84 million) net profit in the first nine months of the year thanks to a payment from drug maker Jazz Pharmaceuticals JAZZ.O to market a drug in Canada, Pharma Mar said on Tuesday.

Jazz Pharmaceuticals paid 300 million dollars to Pharma Mar during the period as part of a commercial agreement to market its cancer drug Lubrinectedin in Canada, Pharma Mar said.

Pharma Mar posted a 27 million euro loss in the first nine months of 2019.

($1 = 0.8571 euros)

Reporting by Inti Landauro; Nathan Allen

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