Astimex Pharma has picked Recipharm as its development and manufacturing partner on a new drug.
Neither party disclosed the financial terms of the deal, but the gist is this: The two will work to formulate the treatment at Recipharm's Solna, Sweden, plant, followed by scale-up and manufacture. Furthermore, the two are in talks to expand the CDMO relationship to cover other pipeline treatments.
Recipharm has been expanding its capabilities of late--including a new sterile filling operation--and the company's diverse offerings are what attracted Astimex, its general manager said. "Moreover, we were looking for a CDMO that we could build a long-term relationship with, and consequently we are already exploring the scope for working with Recipharm on other projects," Åsa Lintzen said in a statement.
Earlier this year, Recipharm took out a $114 million loan to expand its CDMO business, looking to invest in current operations and pursue "strategic acquisitions." So far, the company has followed through on the first part of that plan, but is yet to buy up any other operations.
- read Recipharm's release