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HUTCHISON CHINA MEDITECH LTD. (HCM.LN), a pharmaceutical
company, said its majority-owned subsidiary Hutchison MediPharma
Ltd. has signed a global licensing agreement with ASTRAZENECA PLC
(AZN.LN) to develop Volitinib (HMPL-504), a cancer treatment
drug.
The firm said it will receive an initial $20 million from
AstraZeneca, with a further $120 million due on the successful
achievement of clinical development and first sale milestones.
At 1200 GMT, shares +59.5 pence, or 23%, at 322.5 pence.
PHOENIX GROUP HOLDINGS (PHNX.LN), the insurance group currently
in takeover discussions with private equity firm CVC Capital
Partners, said Finance Director Jonathan Yates will leave the
company early in the New Year to become chief executive of Guardian
Financial Services.
Phoenix said Paul Miles, currently deputy finance director, will
become interim finance director while a permanent replacement is
sought.
Shares +8 pence, or 1.6%, at 517.5 pence.
THORNTONS PLC (THT.LN), a chocolate retailer, warned its profit
for its fiscal year 2012 would fall below expectations, reflecting
continued weakness in consumer demand and high levels of
promotional activity amongst its competitors.
The high street chain said profit before taxation, exceptionals
and impairment and lease charges would just about break even for
the 53 weeks ending June 30.
Shares -14 pence, or 37%, at 24 pence.
BEAZLEY PLC (BEZ.LN) said it is interested in entering talks to
buy Hardy Underwriting Bermuda LTD. (HDU.LN), renewing its pursuit
of its fellow Lloyd's of London insurer following an unsuccessful
approach in 2010.
In early December, Hardy said it had received several
expressions of interest in the company and would conduct a
strategic review to determine whether a sale would be in the best
interest of shareholders.
Beazley shares +1 pence, or 0.8%, at 135 pence. Hardy shares +16
pence, or 9.1%, at 191 pence.
TRAVELZEST PLC (TVZ.LN), a travel and holiday operator,
Wednesday said it has terminated offer talks with Red Label
Vacations Inc. after receiving a "significantly undervalued"
indicative proposal, adding that it is no longer in talks regarding
an offer for the company from any party.
Separately, Travelzest said it will concentrate on its Canadian
operations and divest of all of its under-performing U.K.
assets.
Shares -2.13 pence, or 25%, at 6.25 pence.
STM GROUP PLC (STM.LN), a financial services provider, said
revenue for the second half of 2011 is expected to be below
management's expectations, reflecting falling demand in its
Gibraltar CTS business.
The company said it now anticipates full year revenue of around
GBP10 million and pretax profit of GBP750,000.
Shares -3.5 pence, or 23%, at 11.75 pence.
FTSE Small-Cap +0.3%
AIM +0.01%
-By Peter Evans, Dow Jones Newswires; +44 (0) 20 7842 9296;
uksmallcaps@dowjones.com