Diurnal Group PLC - Cardiff, Wales-based pharmaceutical company focused on hormonal diseases - Extends its exclusive licence agreement with Asia-focused pharmaceutical firm Citrine Medicine Inc to include the distribution and marketing of Efmody covering China, Hong Kong, Taiwan and Macau.
Efmody is used for treatment of rare conditions congenital adrenal hyperplasia and adrenal insufficiency.
Diurnal is to receive an upfront payments of USD1.0 million, and USD28.8 million in milestone payments based on annual sales thresholds.
Diurnal had first signed a licensing agreement with Citrine in January for obtaining the registration of Alkindi in China.
"We are pleased to expand our partnership with Citrine in China to include both of our lead cortisol deficiency products. We have been impressed by Citrine's local development, regulatory and commercialisation expertise for Alkindi and look forward to this knowledge and experience being applied to Efmody," says Chief Executive Officer Martin Whitaker.
Current stock price: 68.15 pence
Year-to-date change: up 20%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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