Dechra wins licensing, supply agreement for dog diabetes treatment
Dechra Pharmaceuticals on Friday signed a licensing and supply agreement with Akston Biosciences for a treatment for diabetes in dogs.
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The deal includes an initial payment of $2m, with a further $14m in milestone payments during the development process, which should be completed within five years, Dechra said in a statement.
Diabetes in dogs is currently treated by daily injections, but studies indicate that a single injection of the long acting protein will have a duration of seven days.
Dechra also has the option to license a version for cats, which will be subject to additional milestones.
Ian Page, chief executive of Dechra, said: "We are delighted to have secured this major development opportunity which will further enhance Dechra's position as world leaders in veterinary endocrinology. Once approved this will become the most significant product in our portfolio as we continue to build our portfolio of novel drugs".
Dechra Pharmaceutical shares were down 1.96% at 2,898.00 at 1118 BST.