Arecor Therapeutics: Hikma licence milestone achieved
Arecor has provided an update on its partnered Specialty Hospital programmes with Hikma Pharmaceuticals. AT307 and AT282 are both novel enhanced formulations of existing, albeit undisclosed, marketed injectable products. The transfer of AT307 to Hikma for further development and, importantly, their commitment to seek approval under the FDA 505(b)(2) pathway triggers an undisclosed milestone payment. However, all rights to AT282 have been returned to Arecor following a portfolio review at Hikma; Arecor will assess options for re-partnering AT282. Given Hikma’s focus and expertise with differentiated/specialty generic products, this collaboration provides strong external validation of Arecor’s capabilities, and we believe Hikma is well placed to capitalise on the potential of AT307. Updating our model generates an Arecor valuation of £174.5m (570p per share) from £179.6m previously.
Hikma Pharmaceuticals is a pharmaceutical company engaged in developing, manufacturing, and marketing a range of branded and non-branded generic pharmaceutical products across the U.S., the Middle East and North Africa, and Europe. Co.'s business segments are: Injectables, which sells specialized generic injectable products, including sterile liquid, powder, lyophilized and cytotoxic products; Generics, which sells non-injectable generic products that include amoxicillin, buprenorphine, butalbital, acetaminophen and caffeine, colchicine, and fluticasone; and Branded products, which sells branded generics and in-licensed products including Amoclan®, Blopress®, Omnicef®, Prograf® and Suprax®.
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