Borders firm nets £74m drug deal

A Galashiels pharmaceuticals firm has announced a research deal which could net the company more than £70m.

ProStrakan has teamed up with Swiss company Novartis to research and develop treatments for bone diseases.

Under the terms of the agreement the Borders firm will receive initial payments of up to £3m over the first two years of the deal.

Additional "milestone" payments could see that rise to £74m over the course of the agreement.

ProStrakan CEO Dr Wilson Totten said it was more good news for the company.

"We are delighted to be working with Novartis and are looking forward to seeing this project move forward quickly," he said.

Latest deal

He said the partnership deal could help fund other research and development projects.

It is the latest in a number of announcements made by the Borders company.

Earlier this year ProStrakan secured an agreement to distribute its cancer pain-relief drug Rapinyl in eastern Europe.

It also struck a US distribution deal in July which could be worth up to £80m over 15 years.