Recipharm Divests Rights to Thyroid Protection Drug
Recipharm, a Jordbro, Sweden-based contract development and manufacturing organization, has divested its rights, except in the US, for a potassium iodide product, ThyroSafe, to SERB SA, a Brussels, Belgium-headquartered specialty pharmaceutical group.
The total consideration amounts to EUR 9.5 million ($11 million) with EUR 5.9 million ($6.8 million) paid upon closing and EUR 3.6 million ($4.1 million) later, conditional upon reaching certain product- development milestones. Under the agreement, SERB will have an option to acquire the US rights at a later stage.
SERB has also formed a long-term manufacturing agreement with Recipharm for supply of the product.