Shares of Connecticut, Pharmaceutical Company, Achillion Pharmaceuticals Inc. made gains on Tuesday following its announcement that it would begin a partnership with GCA Therapeutics to develop and sell its hepatitis B and HIV drug elvucitabine in China and other new Asian territories.
Terms and timelines for the new deal have not been released to the public; however, both companies said GCA would be given the go-ahead to develop and sell elvucitabine in China, Hong Kong, and Taiwan via a joint venture with Chinese company, Tianjing Institute of Pharmaceutical Research.
The venture will insure all development, regulatory activity and expenses associated with the completion of that task. Achillion would collect payments and royalties of up to 10 percent for the drug as it completes review. Achillion has finished midstage tests of elvucitabine for both hepatitis B and HIV.
Shares of Achillion tacked on 17 cents, or 7 percent, to reach $2.59 in midday trading.
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