Akston Biosciences Completes Licensing and Supply Agreement with Dechra Pharmaceuticals PLC
Akston Biosciences Corporation and Dechra Pharmaceuticals PLC today announced the signing of a licensing and supply agreement for the co-development and commercialization of a patent pending, long acting protein for the treatment of diabetes in dogs. Following an initial upfront payment to Akston of US$2.0 million, there are subsequent milestone payments totaling US$14.0 million due to Akston on the achievement of major milestones in the development process, which should be completed within five years. Under the terms of the agreement Dechra also has the option to license a version for cats, which will be subject to additional milestones.
Dechra’s Chief Executive Officer, Ian Page 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.” Akston’s Chief Executive Officer, Todd Zion said: “We are pleased to have found a strong partner in Dechra to co-develop and commercialize our novel ultra-long acting insulin technology. Once approved, this will become a key asset in our platform of engineered insulin products.” Akston were advised on the transaction by Oriole Advisors.