The new deal builds on an earlier agreement signed in January to develop a product using Arecor’s proprietary drug formulation technology platform Arestat.
Hikma is expected to file the product covered by this latest agreement for approval with the US Food and Drug Administration in 2023.
“We are pleased to expand on our partnership with Arecor and add a new ready-to-administer product to our growing pipeline of differentiated injectable medicines,” said Riad Mishlawi, President, Hikma Injectables in a statement.
“Arecor’s state-of-the-art technology platform is a perfect complement to Hikma’s strong manufacturing capabilities and excellent commercial team, with its broad relationships across US hospital systems. We look forward to continuing to work together to bring an important new treatment option to patients and healthcare providers in the US.”
Sarah Howell, Arecor’s chief executive added: “Our track record in developing ready-to-administer medicines is further strengthened by this second agreement with Hikma. This growing partnership supports both companies’ product development strategies to bring enhanced products to market that simplify care and improve patient outcomes.”
Arecor will receive an upfront payment and further payments on the achievement of development, regulatory and commercial milestones.
Hikma will be responsible for the manufacture and commercialisation of the product.