Orchid Pharma and Allecra Therapeutics have entered into a strategic partnership for the development of novel antibiotics against multi-drug resistant bacterial infections.
Orchid has assigned Intellectual Property (IP) related to an antibiotic discovery program to Allecra. Allecra will pursue it then through further trials.
According to the deal, Orchid will receive upfront sum and is eligible for additional royalties and exit bonuses.
Allecra CEO Nicholas Benedict said the medical community is trying to conserve the use of existing antibiotics to tackle increasing threat of bacterial resistance.
"At the same time, the biopharmaceutical industry is working to find new antibiotics," Benedict added.
"These objectives are complimentary activities in the increasingly urgent battle against bacterial resistance. Allecra has been formed in order to find new cures for some of the most widespread and hardest to treat resistant infections."
The law firm Latham and Watkins represented Orchid.
