Last checked at (Sharecast News) - Commercial-stage pharmaceutical company Shield Therapeutics has entered into an exclusive licence agreement for 'Accrufer', it announced on Thursday, with Korea Pharma in South Korea.
The AIM-traded firm said that, alongside the financial terms of the licence, Korea Pharma would undertake and pay for all activities to achieve marketing authorisation and then commercialise Accrufer in the country.
Shield would receive an upfront payment of £0.5m, and would be eligible to receive a further £1.5m on the first commercial sale of Accrufer in Korea.
It would also receive up to £4m in milestone payments on the achievement of specified cumulative sales targets.
For the duration of the intellectual property in Korea, Shield said it would receive royalties of 15% of net sales of Accrufer.
Korea Pharma would be responsible for all clinical and regulatory costs and activities, as well as all manufacturing and distribution costs of goods sold in the country.
"I am delighted to be entering into this agreement with Korea Pharma, who have been determined to succeed throughout a competitive licensing process for Accrufer in Korea," said chief executive officer Greg Madison.
"They are a successful pharmaceutical company with an excellent track record of product development and commercial success.
"This is a first step in broadening our geographical reach outside the US, Europe, and China."
At 1202 BST, shares in Shield Therapeutics were up 1.05% at 48p.
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