Recipharm makes strategic investment in Synthonics and partners in development of novel compounds
Recipharm today announces that it has made an equity investment in Synthonics Inc and purchased $2.0 million of preferred stock in the company.A further $2.0 million of preferred stock will be purchased upon Synthonics’ achievement of certain milestones, which could be expected during 2016. In addition, Synthonics and Recipharm have entered into a Joint Development Agreement under which Synthonics gains access to Recipharm’s expertise in drug development, marketing and manufacturing in exchange for a royalty payment on certain of Synthonics’ compounds. Synthonics has developed a unique