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Recipharm makes a strategic investment in Synthonics and partners in development of novel compounds.
Recipharm announced on April 14, 2015 that it made an equity investment in Synthonics Inc., a specialty pharmaceutical company focused on the discovery, development and licensing of metal-coordinated pharmaceuticals, and purchased $2.0 million of preferred stock in the company.
A further $2.0 million of preferred stock will be purchased upon Synthonics’ achievement of certain milestones, which could be expected during 2016.
In addition, Synthonics and Recipharm have entered into a joint development agreement under which Synthonics gains access to Recipharm’s expertise in drug development, marketing, and manufacturing in exchange for a royalty payment on certain of Synthonics’ compounds.
Synthonics has developed a drug delivery technology for metal coordination of pharmaceutical APIs. In connection with its investment, Recipharm’s Carl-Johan Spak has joined Synthonics’ board of directors.