The financial terms for licensing to Norgine BV include an additional €54.5m in development and sales milestones, with sales royalties ranging from 25% to 40%.
With the broadening of the approved marketing authorisation of Feraccru in Europe, the market opportunity for the product has significantly expanded. As for the US, a New Drug Application for the Feraccru AEGIS-CKD study has been approved by the FDA.
After the conclusion of pricing and reimbursement negotiations, Norgine will launch Feraccru in other major European markets.
Cash balance for year’s end was at £9.8m (2017: £13.3m). Expected revenue for the year ended 31 December 2018 was dominated by the £11m upfront licence payment received from Norgine. Carl Sterritt, CEO of Shield Therapeutics, said: “We are focused on identifying a suitable US commercial partner at the earliest opportunity, and, based on ongoing discussions I believe we also have the potential to out-license Feraccru for commercialisation in other parts of the world.”