Voyageur Pharmaceuticals Ltd (TSX-V:VM, OTC:VYYRF) announced it has signed a letter of intent with a major multinational pharmaceutical company to enhance efficiencies in the production of contrast media products.
The collaboration expands Voyageur’s project portfolio and diversifies its product mix.
The partnership will allow Voyageur to further develop its suite of contrast media products, including key offerings in barium, iodine, and fullerene drug development.
Voyageur said it is working toward a formal definitive agreement, expected to be finalized in the New Year.
The collaboration accelerates Voyageur’s entry into a fragment of the contrast media industry, CEO Brent Willis told shareholders.
“This partnership signifies a pivotal moment in our journey, enabling Voyageur to expedite progress across all facets of our operations,” Willis said in a statement.
“Our team is thrilled to further explore a collaboration with one of the five world-leading contrast-media companies, and we remain highly optimistic about driving Voyageur's projects to the next levels of success.”
The agreement is expected to strengthen Voyageur’s position in the growing global contrast media market, which, according to a report by Markets and Markets, is valued at $6.3 billion and expected to double in size by 2034.