NORTHWICH, England & BEVERLY, Mass.--(BUSINESS WIRE)--Dechra Limited, a global specialist veterinary pharmaceuticals and related products business, and Akston Biosciences Corporation, dedicated to accelerating the biologics revolution in Animal Health, today announces Dechra’s purchase of all Akston’s interests in the companies’ dog and cat long-acting insulin programs.
Dechra’s purchase gives it ownership of the intellectual property and rights for the development, manufacturing, and worldwide commercialization of both programs. For its interests, Akston receives an upfront cash payment, fees to support technology transfer, and near-term milestone payments based on the program's development progress.
The companies signed a licensing and supply agreement in August 2019 for the co-development and commercialization of a long-acting insulin for the treatment of diabetes in dogs, which Akston invented, and a similar agreement for the treatment of diabetes in cats in February 2021.
“Dechra is enthusiastic about commercializing these once-a-week insulin therapies for treating dog and cat diabetes,” said Patrick Meeus, DVM, PhD, DACVM, Chief Scientific Officer of Dechra. “The acquisition of these breakthrough programs is a great example of Dechra’s commitment to improving animal health and welfare through innovation. We thank Akston for all their hard work and dedication in helping us bring these innovative products closer to reality.”
“The sale of our interests in these programs is the culmination of years of product development from the selection and optimization of lead candidates to successful proof-of-concept studies in diabetic dogs and cats, and finally to process development, GMP manufacturing, and scale-up to commercial production levels.” said Todd Zion, PhD, President & CEO of Akston Biosciences. “We look forward to Dechra taking these programs through late-stage clinical trials and commercial introduction while Akston focuses on developing our strong pipeline of Animal Health product candidates in obesity, cancer, chronic pain, and atopic dermatitis.”
Stifel acted as exclusive financial advisor to Akston Biosciences with respect to this transaction. Legal counsel to Akston Biosciences included Goodwin Procter LLP and Hovey Williams LLP.
About Dechra Limited
Dechra Limited is a subsidiary of Dechra Pharmaceuticals Limited (the Dechra Group). The Dechra Group is a global veterinary pharmaceuticals and related products business. Our expertise is in the development, manufacture, and sales and marketing of high quality products exclusively for veterinarians worldwide. The majority of Dechra’s products are focused on key therapeutic categories where we have leading market positions, and many of our products are used to treat medical conditions for which there is no other effective solution or have a clinical or dosing advantage over competitor products. For more information, please visit: www.dechra.com
About Akston Biosciences
Akston Biosciences Corporation is dedicated to accelerating the biologics revolution in Animal Health by in-licensing, inventing, developing, and manufacturing breakthrough protein therapeutics for veterinary use. Its vertically integrated capabilities, including a kilogram-scale cGMP manufacturing facility dedicated to Animal Health, can significantly reduce the time and cost from discovery to commercial introduction. Akston leverages its Ambifect® Fc-fusion protein platform to create innovative, extended-duration biologics and therapeutic vaccines. Its facilities are located in Beverly, Mass. Additional information is available at www.akstonbio.com.
