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Diurnal extends licensing agreement with Citrine Medicine
StockMarketWire.com
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Pharmaceutical company Diurnal said it had extended its exclusive licence agreement with the specialty pharmaceutical company, Citrine Medicine for rare disease drug Efmody for an up-front payment and future milestones of up to $29.75 million.
Under the agreement, Citrine would be responsible for obtaining registration for Efmody as treatment of patients with the rare conditions congenital adrenal hyperplasia and adrenal insufficiency in China and for all commercialisation activities, including pricing and reimbursement.
The new agreement included the registration, distribution and marketing of Efmody covering China, Hong Kong, Taiwan and Macau.
Under the terms of the licence agreement, Diurnal would receive a non-refundable upfront payment of $1.0 million and will receive $28.75 million in additional cash payments upon achievement of certain regulatory milestones and sales milestones based on annual sales thresholds.
Diurnal would also receive tiered royalties on sales ranging from low to mid double-digits.
At 8:57am: (LON:DNL) Diurnal Group Plc share price was 0p at 55.5p
Story provided by StockMarketWire.com
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