9th Jan 2020 08:31
(Alliance News) - Hikma Pharmaceuticals PLC and Arecor Ltd have agreed to co-develop a new, ready-to-use injectable medicine in the US, both companies said on Thursday.
The medicine will be developed through Hikma's affiliate, Hikma Pharmaceuticals USA Inc, using Arecor's proprietary drug formulation technology platform Arestat.
The product is expected to enhance the properties of approved therapeutic proteins and peptides to deliver new reformulations of existing, complex products.
Hikma said it will be responsible for the manufacture and commercialisation of the product and will seek approval for the product under the US Food & Drug Administration's regulatory pathway, with filing expected in 2021.
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.
Arecor will also retain the right to develop and commercialise the product in certain markets outside the US.
"This is another important step forward for Hikma in developing and commercialising complex medicines and delivery systems that benefit patients and position our business for continued long-term growth," said Riad Mishlawi, president of Hikma Injectables.
Hikma shares were trading 0.8% higher in London on Thursday at 1,889.50 pence each.
By Evelina Grecenko; [email protected]
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