Shield Therapeutics sees turnover soar after striking licencing deal15 Jan 2021 16:18
Gateshead pharmaceutical firm Shield Therapeutics saw its turnover soar after signing a deal to licence one of its drugs in China, new figures show.
Shield, which makes iron deficiency drug Feraccru/Accrufer, has said it expects its revenues to come in at £9.4m in 2020. The figure is 13 times its 2019 turnover, which stood at just £700,000.
Shield’s international expansion also made progress in the US, a market the company has been attempting to enter for a number of years.
European sales volume growth of around 70% despite the Covid pandemic is very encouraging for the long term with launches still to come in France, Italy and Spain and many other European markets, and the withdrawal of Teva’s opposition to our European patents has removed a significant uncertainty. Progress by ASK Pharm in defining the necessary development path to product approval suggests that a launch in the huge market of China is possible by 2023.