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Diurnal inks licence agreement with Citrine Medicine for Alkindi
StockMarketWire.com
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Pharmaceutical company Diurnal said it had entered an exclusive licence agreement for Alkindi, its drug to treat chronic endocrine, with China-based pharmaceutical company Citrine Medicine covering China, Hong Kong, Taiwan and Macau.
Under the terms of the licence agreement, Diurnal would receive a non-refundable upfront payment of $0.5 million and will receive $12.75 million in additional cash payments after meeting certain regulatory milestones and sales milestones based on annual sales thresholds.
Diurnal will also receive tiered royalties on sales ranging from low to mid double-digits.
Citrine Medicine would initially use product from Diurnal's European supply chain, but had an option to establish its own supply chain in China in the future.
At 8:37am: (LON:DNL) Diurnal Group Plc share price was 0p at 55.5p
Story provided by StockMarketWire.com
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