Arecor Therapeutics PLC (AIM:AREC) has entered into an exclusive licensing agreement for AT351, a ready-to-dilute (RTD) liquid drug formulation.
It grants the licensee exclusive worldwide rights to AT351, a product supported by Arecor’s proprietary formulation technology platform, Arestat.
Arecor will receive an upfront payment, of a currently undisclosed amount, plus potential future payments tied to development, regulatory, and commercial milestones, as well as royalties from global sales.
The licensee – a pharmaceutical company focused on the development and commercialisation of speciality drugs, and is a subsidiary of one of the world's largest independent chemicals marketing companies – will be responsible for all development and regulatory activities.
It will target approval under the US Food and Drug Administration's 505(b)(2) regulatory pathway, with filing expected within three years.
"We are delighted to announce this key advancement for AT351,” Arecor chief executive Sarah Howell said in a statement.
“The progress of this collaboration illustrates the value that our proprietary technology platform, Arestat, can bring to our partners.
“It further validates our strengths in the development of differentiated medicines to improve patient outcomes and underscores our confidence in Arecor's technology partnership and licensing strategy to deliver long term value for shareholders."