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news.Altea Therapeutics has entered into a partnership with Hospira for the development and commercialization of an undisclosed product utilizing the company's proprietary PassPort transdermal delivery system.
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Under the terms of the agreement, Altea Therapeutics has granted Hospira exclusive worldwide rights to develop and commercialize the product. Altea Therapeutics will fund certain Phase I clinical studies after which Hospira will fund all further product development, manufacturing, and commercialization activities. In return, Altea Therapeutics will receive from Hospira an upfront payment, which includes an equity investment.
In addition, Altea Therapeutics could receive from Hospira clinical, regulatory, commercialization, and sales performance milestone payments of up to $109 million and undisclosed royalties on sales of the product over the term of the agreement.
Eric Tomlinson, president and CEO of Altea, said: “This agreement further validates the development of the Altea Therapeutics transdermal patch technology for drugs that previously were administered by needle injection or infusion, including water-soluble proteins, carbohydrates, and small drugs.”