NEW YORK (TheStreet) -- Oramed Pharmaceuticals (ORMP) - Get Report stock is soaring 22.95% to $9.59 on heavy volume trading on Monday, after the clinical-stage pharmaceutical company announced a $50 million licensing deal in China.
The Jerusalem-based company focuses on the development of oral drug delivery systems for diseases such as diabetes. Oramed signed the agreement with Hefei Tianhui Incubator of Technologies Co.
The agreement gives Hefei the exclusive rights to market Oramed's oral insulin capsule in China, Hong Kong and Macau, according to a statement on Monday.
So far today, 1.8 million shares of Oramed have traded, versus its 30-day average of 79,000 shares.
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