23rd Jul 2014 11:58
LONDON (Alliance News) - Shire PLC Wednesday said it has entered a worldwide licensing and collaboration agreement with US biotechnology firm ArmaGen for AGT-182, an investigational enzyme replacement therapy, strengthening the FTSE 250-listed company's rare disease pipeline.
AGT-182 has been developed as a potential treatment for the central nervous system and somatic manifestations in patients with Hunter Syndrome.
Under the terms of the deal, Shire will pay approximately USD225 million for the worldwide commercialisation rights to AGT-182 to ArmaGen, including an initial upfront payment of USD15 million in cash and equity, an additional equity investment, research and development funding, development and sales milestones and royalty payments.
ArmaGen will be responsible for the Phase I/II study, expected to be initiated before the end of 2014, after which Shire will take responsibility for further clinical development, including Phase III trials, along with commercialisation.
Shire shares were trading 0.4% higher to 4,977 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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