StockMarketWire.com - Dechra said it had signed a licensing and supply agreement with Akston Biosciences Corporation for the rights to the latter's drug to treat diabetes in dogs for a total payment of up to $14m.
The agreement included an initial upfront payment of US$2.0m and subsequent milestone payments totalling $14.0m, which would become due on the achievement of major milestones in the development process, which should be completed within five years.
Dechra also said it anticipated product development spend to increase by approximately £20m spread over the next four years in order to achieve marketing authorisations in the United States and European Union and subsequently other global markets.
'Once approved this will become the most significant product in our portfolio as we continue to build our portfolio of novel drugs,' said Dechra's Chief Executive Officer, Ian Page.
At 9:26am: [LON:DPH] Dechra Pharmaceuticals PLC share price was -16p at 2940p
Story provided by StockMarketWire.com
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