Arecor gilds the Lilly to boost IPO
Cambridge biopharma company Arecor has signed an exclusive deal with global great Eli Lilly and Company (Lilly) just a few weeks ahead of its IPO in the UK.
The Lilly deal could not be better timed ahead of the float. Arecor will use its proprietary formulation technology platform ArestatTM to develop a differentiated, thermostable formulation of one of Lilly’s proprietary products intended for self- administration.
The thermostable formulation would allow greater convenience of use of the product by patients, whilst maintaining its integrity.
Lilly will fund the development work and has the option to acquire the rights to the new proprietary formulation and associated Intellectual Property under a technology licensing model to further develop and commercialise the product. N figures are being given for the deal.
Arestat is an innovative and proprietary formulation technology platform which enhances the properties of therapeutic proteins, peptides and vaccines.
Arecor applies the Arestat technology to deliver superior reformulations of existing products as well as improving properties of new products in development.
Sarah Howell, Arecor’s CEO, said: "We are delighted to be collaborating with Lilly again. We have always had a strong working relationship and we believe that our Arestat technology has the potential to deliver a new formulation that can improve the convenience of use of this critical self- administered product for Lilly’s patients.
“This collaboration with Lilly augments our partnership portfolio of major pharmaceutical companies and demonstrates how our formulation expertise can provide novel medical solutions for our partners.”