(Alliance News) - Hikma Pharmaceuticals PLC said Tuesday it has entered into a new exclusive agreement to co-develop a ready-to-administer injectable medicine in the US with Arecor Ltd.
The agreement builds on Hikma and Arecor's first product co-development agreement, which was announced in January.
"The product is being developed using Arecor's proprietary drug formulation technology platform Arestat, which is applied to existing therapeutic proteins and peptides to enhance their properties," Hikma explained.
Hikma will seek approval for the product under the US Food & Drug Administration, with filing expected in 2023.
Hikma Injectables President Riad Mishlawi said: "We are pleased to expand on our partnership with Arecor and add a new ready-to-administer product to our growing pipeline of differentiated injectable medicines.
"Arecor's state-of-the-art technology platform is a perfect complement to Hikma's strong manufacturing capabilities and excellent commercial team, with its broad relationships across US hospital systems. We look forward to continuing to work together to bring an important new treatment option to patients and healthcare providers in the US."
Under the terms of the royalty-based agreement, Arecor said it will receive an upfront payment and further payments on the achievement of development, regulatory and commercial milestones.
Shares in Hikma Pharmaceuticals were down 0.2% in London on Tuesday at 2,632.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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Hikma Pharmaceuticals (HIK)