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Flamel Shares Up on Wyeth Deal Announcement

French biopharmaceutical company Flamel Technologies said Wednesday it signed a development and license agreement with the pharmaceuticals unit of drug developer Wyeth.

The deal is to develop and license a marketed protein to be delivered using Flamel's Medusa technology. Flamel will receive an upfront payment and potential development fees, milestones and royalty payments from Wyeth , the terms of which were not disclosed.

Flamel's shares rose as much as 66 cents, or 7.2 percent, to $9.80 in Wednesday morning trading on the Nasdaq. The stock has traded in the 52-week range of $8.59 and $37.42.