Arecor Therapeutics PLC (AIM:AREC) said it selling the UK rights to several non-core products from its Tetris Pharma subsidiary to Aspire Pharma for £500,000 in cash, as it continues to streamline its business and sharpen its focus on high-value drug opportunities.
The divestment, announced in January, is part of a broader effort to concentrate resources on the company’s proprietary drug formulation platform, which includes key assets like Ogluo, its ready-to-use glucagon injection for severe hypoglycaemia.
Under the terms of the deal, Aspire takes on both distribution rights and existing inventory for the unnamed non-Ogluo products. Arecor said the proceeds will be used for working capital.