Recipharm makes strategic investment in Synthonics and partners in development of novel compounds
Recipharm today announces that it has made an equity investment in Synthonics Inc and purchased $2.0 million of preferred stock in the company.
A further $2.0 million of preferred stock will be purchased upon Synthonics' achievement of certain milestones, which could be expected during 2016. In addition, Synthonics and Recipharm have entered into a Joint Development Agreement under which Synthonics gains access to Recipharm's expertise in drug development, marketing and manufacturing in exchange for a royalty payment on certain of Synthonics' compounds. Synthonics has developed a unique drug delivery technology for metal coordination of pharmaceutical APIs. In connection with its investment, Recipharm's Carl-Johan Spak has joined Synthonics' board of directors.
Ken Slepicka, CEO of Synthonics, said: "Synthonics is delighted to extend the partnership with Recipharm to help advance promising molecules to market. We are very impressed with Recipharm's formulation and development teams and expect this agreement and financial support to help us further advance several of our current projects to commercialisation.
Carl-Johan Spak, Executive Vice President, Technology and Development, commented: "This transaction expands our footprint within the US and builds upon our existing Joint Marketing Agreement with Synthonics. In addition, it gives us an opportunity to share in the upside of Synthonics' chemistry, which we believe offers an elegant and cost-effective means to create patentable drugs that address difficult absorption and delivery issues. We believe that this collaboration will enhance our ability to serve our customers with exciting drug delivery solutions."
For more information please visit www.recipharm.com or contact:
Thomas Eldered, CEO Recipharm, [email protected], + 46 8 6025210
Carl-Johan Spak, EVP Development & Technology, [email protected],
+46 8 6025 313
Ken Slepicka, CEO Synthonics, [email protected], +1 708-209-1907
This information is published in accordance with the Swedish Securities Market Act, the Swedish Financial Instruments Trading Act and/or the regulations of NASDAQ Stockholm. This information was submitted for publication on 14 April 2015, at 10:00 am CET.
About Recipharm
Recipharm is a leading CDMO (Contract Development and Manufacturing Organisation) in the pharmaceutical industry employing some 2,200 employees. Recipharm offers manufacturing services of pharmaceuticals in various dosage forms, production of clinical trial material including API and pharmaceutical product development. Recipharm manufactures more than 400 different products to customers ranging from Big Pharma to smaller research- and development companies. Recipharm's turnover is approximately SEK 3.3 billion and the Company operates development and manufacturing facilities in Sweden, France, the UK, Germany, Spain, Italy and Portugal and is headquartered in Jordbro, Sweden. The Recipharm B-share (RECI B) is listed on NASDAQ Stockholm.
For more information on Recipharm and our services, please visit www.recipharm.com
About Synthonics
Synthonics, Inc. is a specialty pharmaceutical company focused on the discovery, development and licensing of patent-protected drugs (metal coordinated pharmaceuticals or "MCPs") that incorporate its proprietary metal coordination chemistry. MCPs have a profound effect on a variety of pharmacokinetic parameters including improved absorption, reduced toxicity, more reliable dosing, modified release and targeted delivery.
For media enquiries, please contact Tristan Jervis on +44 (0) 207 203 6740 or e-mail: [email protected].
For more information visit www.synthonicsinc.com
Recipharm AB (publ)
Corporate identity number 556498-8425
Address Lagervägen 7, SE-136 50 Jordbro, Sweden, Telephone 46 8 602 52 00, Fax 46 8 81 87 03
www.recipharm.com