LONDON (ShareCast) - (Sharecast News) - Hikma Pharmaceuticals on Thursday said it had signed a deal with Arecor to co-develop a ready-to-use injectable medicine in the US.

Under the terms of the royalty-based agreement, Arecor would receive an upfront payment and further payments on achievement of development, regulatory and commercial milestones. Hikma would be responsible for the manufacture and commercialisation of the product, the company said in a statement.

The product was being developed using Arecor's proprietary drug formulation technology platform Arestat, which enhanced the properties of approved therapeutic proteins and peptides to deliver new reformulations of existing, complex products.

Hikma said it would would seek regulatory approval for the product from the US Food and Drug Administration, with a filing expected in 2021.

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