Alchemia hits high for year

Investors hope the biotech will post its first profit for 2013-14 on growing royalty payments from its distribution partner Dr Reddy and its ongoing pipeline.

Biotech Alchemia (ACL) hit its highest level this year as investors buy into hopes that the current financial year would mark an important milestone for the company.

Alchemia is expected to post a maiden profit in 2013-14 thanks to growing royalty payments from its distribution partner Dr Reddy, which has licenced Alchemia’s technology to manufacture a generic anti-coagulant drug, fondaparinux.

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