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(Sharecast News) - Pharmacitucal firm Shield Therapeutics said on Tuesday that it had inked an exclusive licence agreement for its ACCRUFeR iron deficiency asset in Japan with VITAL-NET.
Shield Therapeutics said VITAL-NET will undertake and be responsible for all costs, including clinical and regulatory, related to activities required to achieve marketing authorisation and commercialisation of ACCRUFeR in Japan.
The AIM-listed group stated it will receive an initial payment of roughly $665,000 and said it was eligible to receive additional milestone payments related to the regulatory approval of ACCRUFeR and upon the achievement of specified net sales targets by VITAL-NET. For the term of the agreement, Shield will also receive double-digit royalties on net sales of ACCRUFeR.
Chief executive Anders Lundstrom said: "This partnership aligns with our commitment to keep expanding our global footprint for ACCRUFeR. Japan, the third largest pharmaceutical market in the world, is an important market to enter as Iron deficiency is a prevalent health concern in Japan, especially among women, children, and the elderly. ACCRUFeR® offers a new option for those who need a more effective treatment to restore their iron levels and improve their overall health. We look forward to working together with VITAL-NET to making ACCRUFeR available to the people of Japan."
As of 0935 BST, Shield shares were down 0.43% at 2.34p.
Reporting by Iain Gilbert at Sharecast.com
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