AMRI to develop parenteral drug products with Genovi

Albany Molecular Research (Nasdaq: AMRI) has entered into several development and supply agreements with the UK’s Genovi Pharmaceuticals, a specialty generic drugmaker, to manufacture select generic parenteral drug products for registration and subsequent commercialization in the USA, Europe, and select emerging markets. AMRI shares gained 1.8% to $16.65 on the news yesterday.

Under the terms of the agreements, financial terms of which were not disclosed, AMRI will initially provide current Good Manufacturing Practice (cGMP) manufacture and analytical support for the registration of five product candidates. AMRI will be reimbursed for technology transfer activities, analytical development and manufacture of regulatory submission batches. In addition, AMRI is eligible to receive additional payments for achieving product delivery milestones.

Following US Food and Drug Administration approval, AMRI will supply the products to Genovi under the agreements, and for some products, receive payments based on Genovi's sales of the products.