Arecor Therapeutics PLC (AIM:AREC) has announced a new agreement with an unnamed top-tier biopharmaceutical company for the joint development of a biosimilar product.
The deal, a progression of an earlier technological partnership, is expected to generate revenue for Arecor, bolstering its financial stability.
Arecor's proprietary technology platform, Arestat, and its formulation expertise will play a crucial role in the collaboration.
"This collaboration demonstrates the strength of our know-how and expertise and the value that expertise can bring to our partners' research programmes," said chief executive Sarah Howell.
"We're delighted to be working again with an existing partner, strengthening a key relationship and building on our track record of partnerships with leading biopharmaceutical and biotechnology companies."
A biosimilar product, or simply a biosimilar, is a biological medicine that is developed to be highly similar to an already authorised, existing biological medicine.
Biosimilars are made once the patent for a brand-name (originator) drug expires, much like generic drugs in the world of chemically synthesised drugs.