12th Jan 2023 17:55
(Alliance News) - Arecor Therapeutics PLC on Thursday said it transferred development activities for the ready-to-use injectable medicine AT307 to Hikma Pharmaceuticals PLC, and regained rights on AT282 after a product portfolio review.
Arecor is a Essex, England-based biopharmaceutical company. Hikma is a London-based pharmaceutical company.
According to Arecor, the transfer of development activities is a key announcement for AT307 towards achieving the next license milestone under its co-development and license agreement with Hikma.
Hikma will now take full responsibility for further development and to seek regulatory approval from the US Food & Drug Administration.
Arecor also said it regained rights to a second RTU medicine AT282 under co-development, after Hikma opted to de-prioritise its development.
All rights to AT282 will be returned to Arecor, who will assess options for seeking a new partner for "this important product", off the back of "strong data package" being made available.
"We are delighted to be able to announce the achievement of this significant milestone for AT307. Arecor has an excellent track record in developing RTU medicines which are coming to play an increasing role in enabling fast, safe and effective treatment options for patients and care providers," said Arecor Chief Executive Officer Sarah Howell.
Hikma's President of Injectables Riad Mishlawi added: "Today's announcement marks an important milestone in our strategic partnership with Arecor. It further demonstrates our commitment to bring important new RTU treatment options to patients and the potential of Arecor's Arestat technology to deliver difficult to achieve differentiated ready-to-use liquid formulations of products currently only available as lyophilised powders."
"We look forward to advancing AT307 through further development and to continuing our highly productive collaboration with Arecor."
Shares in Arecor closed down 3.5% to 202.60 pence each in London on Thursday, while shares in Hikma closed up 0.3% to 1,686.29p each.
By Greg Rosenvinge, Alliance News reporter
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