25 September 2015 - Shares in Alchemia more than doubled in price at one stage after the drug developer agreed to sell its major asset, the generic anti-coagulant fondaparinux sodium.

Shares in Alchemia were up 4 cents at 7.5 cents in late trading. They hit a high earlier of 8c.

Injectable fondaparinux sodium is used to treat deep vein thrombosis and pulmonary embolism. It is mainly used in hospitals after major surgery such as knee and hip replacements.

Alchemia will sell the intellectual property rights to US pharmaceuticals firm Dr Reddy's Laboratories for about $24.3 million.

"The sale is conditional on shareholder approval, as the sale constitutes a disposal of the company's main undertaking per the ASX (Australian Securities Exchange) listing rules," Alchemia said on Friday.

Alchemia previously had granted rights to Dr Reddy's to manufacture fondaparinux sodium and market it in North America and elsewhere in return for royalties on sales.

For more details, go to: http://www.smh.com.au/business/markets/alchemia-drug-sale-boosts-shares-20150925-gjv1ej.html