North East pharmaceutical firm Shield Therapeutics has signed a deal which will see it break into Japan - the third biggest market in the world.
The Gateshead commercial stage drug business, which specialises in iron deficiency, has entered into an exclusive licence agreement to sell its lead product Accrufer with Vital-Net. The company’s lead drug is sold as Ferracru in the Ƶ and Europe, and Accrufer in other global markets.
Vital-Net will carry out and be responsible for all costs related to activities needed to achieve marketing authorisation and commercialisation of Accrufer in Japan. Shield will receive an initial payment of around $665,000 and is eligible to receive additional milestone payments related to the regulatory approval of Accrufer, as well as when specified net sales targets are met by Vital-Net. For the term of the agreement, Shield will also receive double-digit royalties on net sales of the drug.
Anders Lundstrom, chief executive officer for Shield, said: “This partnership aligns with our commitment to keep expanding our global footprint for Accrufer in Japan, the third largest pharmaceutical market in the world, is an important market to enter as Iron deficiency is a prevalent health concern in Japan, especially among women, children, and the elderly. Accrufer offers a new option for those who need a more effective treatment to restore their iron levels and improve their overall health. We look forward to working together with Vital-Net to making Accrufer available to the people of Japan.”
Takeshi Ichijo, CEO of Vital-Net, added: “We are excited to have entered into the agreement with Shield Therapeutics for the supply, development and marketing of Accrufer. Iron deficiency (ID) patients in pulmonary hypertension and inflammatory bowel disease are our important areas, we believe that our experience will be of great use. We will endeavour to provide the drug to Japanese patients suffering from ID.”
