Diurnal expands deal with Citrine Medicine for Efmody
UK endocrine diseases specialist Diurnal Group (AIM: DNL) has extended its exclusive license agreement with the specialty pharma company, Citrine Medicine, to include the registration, distribution and marketing of Efmody (hydrocortisone modified-release hard capsules – previously named Chronocort) covering China, Hong Kong, Taiwan and Macau.
News of the deal sent Diurnal’s shares up as much as 5% to 72 pence in early London trading this morning.
Under the terms of the accord, Diurnal will receive a non-refundable upfront payment of $1.0 million and $28.75 million in additional cash payments on the achievement of certain regulatory milestones and sales milestones based on annual sales thresholds. Diurnal will also receive tiered royalties on sales ranging from low to mid double-digits.
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