Altea Therapeutics will work with pharmaceutical and medication delivery firm Hospira to develop a new product in a deal that could mean as much as $109 million for the Georgia-based firm.
As part of the deal, Hospira also is making an equity investment in Altea. However, the amount was not disclosed.
The companies also declined to identify the product under development other than to say it would incorporate Altea’s proprietary means of delivering drugs through the skin.
Hospira will make an upfront payment, milestone and commercialization and sales performance payments up to $109 million.
“This agreement further validates the development of the Altea Therapeutics transdermal patch technology for drugs that previously were administered by needle injection or infusion, including water-soluble proteins, carbohydrates, and small drugs," said Eric Tomlinson, Altea’s chief executive officer.
Altea is also developing an insulin patch and a patch to deliver a pain reliever. Other projects include a protein patch and a hormone patch.
