April 24, 2018 / 6:23 AM / 8 months ago

AstraZeneca to raise stake in Circassia to up to 19.9 pct

LONDON, April 24 (Reuters) - British pharmaceutical company AstraZeneca said it would subscribe for more shares in Circassia by injecting cash into the respiratory drug specialist to take its stake to a maximum of 19.9 percent from 14.2 percent.

Circassia plans to use the additional funds, up to $45 million, to pay for research and development costs which it owes to AstraZeneca under the pair’s development and commercialisation agreement, which they agreed to amend.

AstraZeneca first invested in Circassia in March 2017, backing the company’s products, Tudorza, a bronchodilator, and Duaklir, a combination drug which is in late stage development in the United States. (Reporting by Sarah Young, Editing by Paul Sandle)

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