- Pharmaceutical company Shield Therapeutics has secured a licence agreement in China for its lead product Feraccru/Accrufer.

The deal is an exclusive licence agreement with Beijing Aosaikang Pharmaceutical (ASK Pharm) for the development and commercialisation of Feraccru/Accrufer in China for which Shield will receive an upfront payment of $11.4m.

Shield is eligible to receive a further $11.4m upon regulatory approval of Feraccru/Accrufer in China.

Shield Therapeutics chief executive Carl Sterritt said: 'I am delighted to announce this agreement with ASK Pharm, who have been determined to succeed throughout a competitive licensing process for Feraccru/Accrufer in China.

'Their established product development and commercial infrastructure and expertise in China should speed the regulatory approval and drive subsequent sales of Feraccru/Accrufer.'

Alongside the financial terms of the licence, Shield reported that the agreement sees ASK Pharm undertaking and paying for all activities to achieve marketing authorisation and then commercialising the product in the territory.

Sterritt added: 'The market in China for novel prescription pharmaceuticals continues to grow rapidly and this agreement will mean more patients with iron deficiency will benefit from Feraccru/Accrufer therapy, enabling them to enjoy the things that make a difference in their everyday lives.'

At 9:37am: [LON:STX] Shield Therapeutics Plc share price was +6p at 179p

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