(Alliance News) - Arecor Therapeutics PLC on Monday announced a co-development and exclusive licence option agreement with an unnamed "leading global medical products company."
The West Sussex, England-based commercial biotechnology company said the agreement was for a high-value, ready-to-dilute oncology product from Arecor's in-house Specialty Hospital pipeline.
Under the agreement, Arecor and its partner will conduct further co-development and regulatory work with Arecor eligible to receive potential developmental milestones.
The agreement includes an option for the partner to be granted an exclusive, worldwide license to further develop and commercialise the product, with Arecor eligible to receive milestones and royalty payments.
Chief Executive Sarah Howell said: "We are confident that we have selected the right partner who has outstanding commercial capabilities and a shared vision to bring this important cancer medicine to patients. With the current therapy continuing to grow in both volume and value terms, this enhanced formulation has the potential to further benefit pharmacists and physicians through the simplified reconstitution process and, most importantly, improve care for patients."
Shares in Arecor Therapeutics were up 1.7% to 193.20 pence each in London on Monday afternoon.
By Sophie Rose, Alliance News senior reporter
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Arecor Therape (AREC)