U.K.'s Shield Therapeutics PLC sold the rights to its iron deficiency treatment Feraccru in parts of Asia for an up front payment of $11.4 million.
China's Beijing Aosaikang Pharmaceutical Co. Ltd. entered an agreement with Shield Therapeutics to commercialize the drug in the country, as well as in Hong Kong, Macau and Taiwan. In addition to the up front payment, Beijing Aosaikang agreed to pay up to a further $51.4 million if the drug achieves certain milestones, including $11.4 million once the medicine is approved in China.
Shield Therapeutics will also receive 10% to 15% royalties on net sales of Feraccru, which is known as Accrufer in the U.S.
Feraccru is already approved in the European Union to treat iron deficiency in adults and in Switzerland for treating iron deficiency anemia in adults with inflammatory bowel disease. The medicine is a non-salt, oral formulation of ferric iron, seen as a safer alternative to intravenous iron therapy.
The drug is also approved in the U.S.