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Chennai-based Orchid Chemicals and Pharmaceuticals has entered into a partnership with Europe-based Allecra Therapeutics to develop antibiotics to combat multi-drug resistant bacterial infections.
Orchid will give Allecra intellectual property related to an antibiotic discovery programme.
Orchid has been engaged in pre-clinical trials of this molecule with which Allecra will carry out further trials, said a press release.
Under the terms of the agreement, Orchid will be paid $1 million up front and is eligible to receive further royalties and exit bonuses based on Allecra’s progress.
Allecra has bagged €15 million in a Series A financing round, co-led by Edmond de Rothschild Investment Partners and Forbion Capital Partners. EMBL Ventures also participated.
When the funding comes through, Orchid will receive 20 per cent stake in Allecra.
Orchid was represented by the law firm Latham and Watkins in this agreement.
Orchid’s shares closed 1.35 per cent higher on the BSE, on Thursday, at Rs 67.80.
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