Pharmaceutical company Diurnal Group (LON: DNL) said on Wednesday that it has entered into an exclusive license agreement for its product, Alkindi, with Citrine Medicine Inc, another speciality pharmaceutical company.
The agreement will cover China, Hong Kong, Taiwan, and Macau, with Diurnal receiving a non-refundable upfront payment of $0.5 million and an additional $12.75 million in cash payments upon the achievement of regulatory and sales milestones. Diurnal will also receive tiered royalties on sales.
“With the increased focus from the Chinese health authorities on rare diseases in the past few years, we are delighted to have identified Citrine as a partner for Alkindi® in China. We have been impressed by Citrine’s vision for the creation of a rare disease platform in China and the local development, regulatory and commercialisation expertise they are able to bring to the programme,” said Martin Whitaker, CEO of Diurnal.
Ready to put what you’ve learned into practice?
Try IG’s platform with £10,000 in virtual funds and practise trading
without putting your own money at risk.
Try IG with a demo account →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Learn the markets with IG Academy
Build your knowledge with IG Academy educational content, then use a
demo account to practise what you’ve learned on the IG platform.
Explore IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
See how trading works before risking real money
IG’s demo gives you access to thousands of markets and £10,000 in
virtual funds, so you can explore the platform and test your ideas first.
Open an IG demo →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Turn trading theory into practical experience
Learn with IG Academy, explore charts and market tools, and practise
strategies in a simulated trading environment before going live.
Start practising with IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Ready to take your learning further?
IG combines market education, analysis and an established trading platform,
giving you the tools to keep learning as you develop your trading skills.
Discover IG →
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider.
Citrine is a company focused on the greater China market and will be responsible for obtaining registration for Alkindi as a treatment for paediatric patients in China and all commercialisation activities, including pricing and reimbursement.
Initially, Citrine will use Diurnal’s European supply chain products but will have an option to establish its own supply chain in China in the future.
Diurnal shares are currently trading at 59.4p, up 8% after initially reaching highs of 63p.
Should you invest in Diurnal Group shares? Diurnal Group shares are traded on the AIM market of the London stock exchange (the alternative investment market) which is the sub market specifically for smaller companies. AIM stocks are attractive to investors as they have tax advantages and smaller companies have the potential to benefit from rapid growth. But are Diurnal shares the best buy? Our stock market analysts regularly review the market and share their picks for high growth companies
