TIDMSTX
RNS Number : 3554I
Shield Therapeutics PLC
12 August 2021
Shield Therapeutics plc
("Shield" or the "Company" or the "Group")
Licence agreement secured in Republic of Korea for Accrufer
(R)
Exclusive licence agreement with KOREA PHARMA CO.,LTD fo r the
development and commercialisation of Accrufer(R) in Korea
Deal Highlights:
-- GBP0.5 million upfront licence payment to Shield
-- Up to GBP5.5 million in development and sales milestones
-- Double-digit royalties on net sales payable to Shield
-- Korea Pharma to be responsible for, and cover costs of, all
development and regulatory activity
London, UK, 12 August, 2021: Shield Therapeutics plc (LSE: STX),
a commercial stage, pharmaceutical company with a focus on
addressing iron deficiency with its lead product
Feraccru(R)/Accrufer(R) (ferric maltol), announces that it has
entered into an exclusive licence agreement for Accrufer(R) with
KOREA PHARMA CO.,LTD ("Korea Pharma") in the Republic of Korea
("South Korea" or "Korea"). Alongside the financial terms of the
licence, Korea Pharma will undertake and pay for all activities to
achieve marketing authorisation and then commercialise Accrufer(R)
in Korea.
Shield will receive an upfront payment of GBP0.5 million and is
eligible to receive a further GBP1.5 million upon first commercial
sale of Accrufer(R) in Korea. Shield will also receive up to GBP4.0
million in milestone payments upon the achievement of specified
cumulative sales targets. For the duration of the intellectual
property in Korea, Shield will receive royalties of 15% of net
sales of Accrufer (R). Korea Pharma will be responsible for all
clinical and regulatory costs and activities as well as all
manufacturing and distribution costs of goods sold in Korea.
Greg Madison, CEO of Shield, said: "I am delighted to be
entering into this agreement with Korea Pharma, who have been
determined to succeed throughout a competitive licensing process
for Accrufer(R) in Korea. They are a successful pharmaceutical
company with an excellent track record of product development and
commercial success. This is a first step in broadening our
geographical reach outside the US, Europe, and China. Iron
deficiency is a prevalent issue globally, and this agreement will
make our novel oral iron, Accrufer(R), available, pending approval,
to more patients with iron deficiency in Korea. We very much look
forward to working with Korea Pharma and supporting them as they
advance forward."
Eunhee Park, President of Korea Pharma, said: " I am delighted
that we can sign this agreement with Shield Therapeutics. I`m
looking forward to providing Accrufer(R) to the people of Korea as
a first choice of treatment for patients with iron deficiency.
"
For further information please contact:
Shield Therapeutics plc www.shieldtherapeutics.com
Greg Madison, CEO +44 (0) 191 511 8500
Hans-Peter Rudolf, CFO
Nominated Adviser and Joint
Broker
Peel Hunt LLP
James Steel/Christopher Golden +44 (0)20 7418 8900
Joint Broker
finnCap Ltd
Geoff Nash/Alice Lane/George
Dollemore +44 (0)20 7220 0500
Financial PR & IR Advisor
Walbrook PR +44 (0)20 7933 8780 or shield@walbrookpr.com
Paul McManus/Lianne Cawthorne
About Shield Therapeutics plc
Shield is a commercial stage, pharmaceutical company with a
focus on addressing iron deficiency with its lead product
Feraccru(R) /Accrufer(R) (ferric maltol), a novel, stable, non-salt
based oral therapy for adults with iron deficiency with or without
anaemia.
Shield's lead product, Feraccru(R)/Accrufer(R), has been
approved for use in the United States, European Union, UK,
Switzerland and Australia and has exclusive IP rights until the
mid-2030s. Accrufer(R) has been launched in the US in July 2021
through a highly experienced sales and marketing team. Feraccru(R)
is already being commercialised in the UK and European Union by
Norgine B.V., who also have the marketing rights in Australia and
New Zealand. Shield also has an exclusive licence agreement with
Beijing Aosaikang Pharmaceutical Co., Ltd., for the development and
commercialisation of Feraccru(R)/Accrufer(R) in China, Hong Kong,
Macau and Taiwan.
For more information, please visit www.shieldtherapeutics.com.
Follow Shield on Twitter @ShieldTx
About KOREA PHARMA CO.,LTD
Korea Pharma is a prescription pharmaceutical company focusing
on CNS (central nervous system) and GI (gastro-intestinal)
products. Korea Pharma has previously signed an exclusive
distribution agreement W ith Norgine BV, a global PEG-based bowel
cleansing agent development company, for distribution of PLENVU(R),
the world's first one-litre PEG ( polyethylene glycol) bowel
preparation drug, and is developing a liquid type PEG laxative.
Korea Pharma is strongly focus on lower GI field with these two
products. PLENVU(R) has been approved by MHRA in the UK and FDA in
the US, and can be used for IBD patients. Korea Pharma has based
its business expansion into the IBD area on PLENVU(R).
Korea Pharma has already secured a sales route for Accrufer(R)
by securing IBD patients who experience iron deficiency anemia
frequently and plans to expand its business not only in the IBD
area but also in the CKD area with Accrufer(R).
Forward-Looking Statements
This press release contains forward-looking statements. All
statements contained in this press release that do not relate to
matters of historical fact should be considered forward-looking
statements. These forward-looking statements are based on
management's current expectations and include statements related to
the commercial strategy for Feraccru(R)/ Accrufer(R) These
statements are neither promises nor guarantees, but involve known
and unknown risks and uncertainties, many of which are beyond our
control, that may cause actual results, performance or achievements
to be materially different from management's expectations expressed
or implied by the forward-looking statements, including, but not
limited to, risks associated with, the Group's business and results
of operations, competition and other market factors. The
forward-looking statements made in this press release represent
management's expectations as of the date of this press release, and
except as required by law, the Group disclaims any obligation to
update any forward-looking statements contained in this release,
even if subsequent events cause our views to change.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
AGRBUGDIGSBDGBB
(END) Dow Jones Newswires
August 12, 2021 02:00 ET (06:00 GMT)
Shield Therapeutics (LSE:STX)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Shield Therapeutics (LSE:STX)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024
