Destiny Pharma agrees collaboration with Chinese firm

1 December 2017

UK-based biotech Destiny Pharma (AIM: DEST) has signed a collaboration agreement with CMS, a subsidiary of China Medical System (HKSE: 0867).

The deal gives CMS full rights in China and certain other Asian countries, excluding Japan, to develop and sell Destiny’s pipeline products.

Destiny Pharma will receive a future commercial milestone based on sales, and will make a manufacturing margin on any product the company supplies.

As part of the deal, CMS general manager Huaizheng Peng will join the board of Destiny Pharma.

Destiny chief executive Neil Clark said: “We are pleased to have now finalized and signed this development and commercialization agreement with China Medical System.”

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