Diurnal Group, the speciality pharmaceutical group specialising in addressing patient needs in chronic hormonal diseases has entered into an exclusive agreement for its product Alkindi® (a specialist hydrocortisone treatment given orally to children), with Citrine Medicine that covers the People’s Republic of China, Hong Kong, Taiwan and Macau.
Citrine was co-founded by Vivo Capital, F-Prime Capital and Eight Roads Ventures and is focused on creating a therapeutic platform to deliver rare disease drugs to the Chinese market and to develop the first ever rare disease ecosystem in the country.
Citrine will be responsible for obtaining registration for Alkindi® as a treatment for paediatric patients in China and for all commercialisation activities, including pricing and reimbursement. Citrine will initially utilise product from Diurnal’s European supply chain, with an option to establish its own supply chain in China in the future.
Diurnal Group CFO, Richard Bungay commented: “Our licensing agreement with Citrine is Diurnal’s first deal in China and the most complex of our distribution and licensing deals. We were extremely grateful for Mills & Reeve’s commercial insight and expertise and their ability to rapidly access local Chinese advice to support the transaction.”
James Fry, Partner and Head of the Life Sciences practice at Mills & Reeve, led the team advising on the deal, and said: “It was great to work with the Diurnal team on its first out-licence in China, and the partnership presents a great opportunity to introduce an impactful therapy to the Chinese market for rare paediatric conditions. Fangda Partners provided seamless local support on the transaction and we were pleased to work with Josh Shin and his team.”
For more information from Diurnal, click here