"The identity of the global pharmaceutical company, 1 of the market leaders in ophthalmic therapies, as well as other terms of the agreement are not disclosed for commercial purposes and due to confidentiality requirements," according to a press release.
"In tune with our commitment to address unmet needs within the pharmaceutical industry, we have created a new, significant drug delivery device category. Ocu-ject represents a game-changing delivery technology for ocular therapies, which is a large, fast-growing segment of the pharmaceutical market. We are pleased to have signed our first agreement for the Ocu-ject device platform, which is being pursued by a number of pharmaceutical companies seeking to maximize the clinical and commercial potential of approved and pipeline drugs that are targeted to treat a number of eye disorders. We look forward to serving these customers to address unmet market needs for the accurate, precise delivery of drugs to the eye," chairman & CEO Alan Shortall said in prepared remarks.
The deal, which Unilife said will begin to generate revenue in January, is the latest in a string of supply deals that have buoyed its share price. The York, Pa.-based medtech company said earlier this month that it inked an exclusive deal with Novartis (NYSE:NVS) for a customized delivery device for 1 of the Swiss pharma giant’s novel investigational compounds "into a targeted organ in clinical trials."
Last month Unilife announced a 15-year, $40 million supply deal with British drug maker Hikma Pharmaceuticals (LON:HIK), hard on the heels of a similar pact for wearable injectors with Medimmune, AstraZeneca’s (NYSE:AZN) biologics arm. In September, Unilife signed a long-term contract to supply its Unifill Finesse anti-thrombotic-filled syringes exclusively to Sanofi (NYSE:SNY), a deal worth a minimum of $5 million and a maximum of $15 million in performance payments.
UNIS shares were trading at $4.41 apiece as of about 10:45 a.m. today, down 1.0%. The stock has gained 93.8% so far this year.