Recipharm Makes Strategic Investment in Synthonics
Recipharm recently announced it has made an equity investment in Synthonics Inc and purchased $2 million of preferred stock in the company. A further $2 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.
“Synthonics is delighted to extend the partnership with Recipharm to help advance promising molecules to market,” said Ken Slepicka, CEO of Synthonics. “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 commercialization.
“This transaction expands our footprint within the US and builds upon our existing Joint Marketing Agreement with Synthonics,” added Carl-Johan Spak, Executive Vice President, Technology, and Development. “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.”
Recipharm is a leading CDMO (Contract Development and Manufacturing Organization) in the pharmaceutical industry, offering manufacturing services of pharmaceuticals in various dosage forms, production of clinical trial material including API, and pharmaceutical product development. For more information, visit www.recipharm.com.
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. For more information, visit www.synthonicsinc.com.
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