2nd Aug 2019 09:39
(Alliance News) - Dechra Pharmaceuticals PLC said Friday it has signed a licensing and supply agreement with Akston Biosciences Corp for Akston's insulin medication for dogs.
The agreement will aim to complete the development of the insulin medication within five year. The medication is used to treat diabetes in dogs.
Dechra has made an initial upfront payment of USD2 million and said that it will make subsequent payments totaling USD14 million on the achievement of major milestones in the development process.
Dechra expects spending on product development of the insulin drug to increase by GBP20 million over the next four years in order to achieve marketing authorisations in global markets including the US and EU.
The medication has the advantage of treating diabetes for seven days with a single injection, while current treatments require daily injections.
Dechra also has the option to license a version for cats, which will be subject to additional milestones.
"We are delighted to have secured this major development opportunity which will further enhance Dechra's position as world leaders in veterinary endocrinology. Once approved this will become the most significant product in our portfolio as we continue to build our portfolio of novel drugs," said Dechra Chief Executive Ian Page.
Akston Chief Executive Todd Zion also commented: "We are pleased to have found a strong partner in Dechra to co-develop and commercialise our novel ultra-long acting insulin technology. Once approved, this will become a key asset in our platform of engineered insulin products."
Shares in Dechra were trading 0.6% lower at 2,938.00 pence on Friday in London.
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