Arecor announces license agreement with global pharmaceutical company
Arecor Ltd (“the Company”), the leading formulation technology company, focussed on developing superior biopharmaceuticals via the innovative reformulation of proteins and peptides to improve the treatment of diabetes and other conditions, is pleased to announce that a global pharmaceutical and healthcare company, has exercised its license option to Arecor’s proprietary formulation technology, to develop differentiated biosimilar products.
- Conversion of license endorses value of Arecor’s technology business
- Arecor’s innovative formulation platform delivers superior reformulation of biosimilar products that cannot be achieved by other means
- Initial license conversion from multi-product Research Agreement
This is the first license conversion resulting from the multi-product Research Agreement entered in to by both parties at the end of 2015. Under the terms of this agreement, Arecor is applying its innovative and proprietary formulation technology and expertise to develop superior formulations of certain biosimilar products proprietary to its global pharmaceutical partner; the aim being to enable further product differentiation that would otherwise not be achievable and to deliver commercial advantage within this highly competitive market segment.
Upon successfully delivering the superior formulation of one of partner’s key products nominated under this Agreement, the partner has exercised its worldwide exclusive option to this formulation and the associated ArestatTM technology. This will allow the further development, manufacture and commercialisation of the superior reformulated biosimilar product. In return, Arecor will receive payments on relevant development milestones and royalties on sales.
Dr Sarah Howell, CEO of Arecor Limited, commented:
"This license conversion is a major milestone for the Company and clear evidence that we can successfully exploit our technology to deliver superior formulations of biosimilar products for our pharmaceutical customers and can help them differentiate their biosimilar pipelines from competition. In so doing, patients will gain access to superior and more affordable versions of key therapeutics”.
“This agreement further accelerates the year-on-year growth in our technology licensing business, both in terms of revenue and profit and by doing so, it supports our dual business model and the development of our diabetes products.”
Arecor is a technology-led business and has developed a world leading innovative formulation technology platform, ArestatTM, which it leverages to develop superior formulations of a broad range of therapeutic proteins and peptides. The Company partners with the world’s leading pharmaceutical and biotech companies by applying its technology to their proprietary product pipelines.
Many proteins and peptides are too unstable in liquid form to develop ready-to-use drugs or are unstable at high concentrations and/or temperatures. Arecor has developed a set of unique technologies to address these problems and can deliver patent protected reformulations with the potential to revolutionise the development, use and distribution of the next generation of vaccines and proteins. Arecor currently has active feasibility programmes and licenses with many of the top pharmaceutical and biotech companies.
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Arecor Limited, located on the Cambridge Science Park, was established to provide formulation solutions to pharmaceutical and biotech companies developing drugs, vaccines, medical devices and diagnostics.