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Inspiration Healthcare's subsidiary lands international distribution deal
Inspiration Healthcare Group announced on Wednesday that NeuroproteXeon Limited, in which Inspiration Healthcare has an 8.1% fully diluted shareholding, has completed a distribution agreement.
The AIM-traded medical device firm said the agreement with Linde AG is for the distribution of post cardiac arrest syndrome treatment AG XENEXTM (xenon by inhalation) in the European Union, United Kingdom, Switzerland, Norway and Iceland.
The agreement features a multi-tiered royalty and 23m in milestone payments.
These two milestones are approval the treatment from the European Medicines Agency and Linde AG reaching cumulative sales of 100m, provided this occurs in the first four years following approval.
Neil Campbell, chief executive of Inspiration Healthcare Group, said: "We have been involved with xenon delivery for many years and delighted with the agreement signed today with Linde which follows on from the announcement we made in October last year when NeuroproteXeon secured a licence agreement with Mallinckrodt plc. The combination of these world leading companies working with NeuroproteXeon significantly increases the chances for success."
As of 1617 BST, Inspiration Healthcare Group's shares were up 33.33% at 72.00p