AFT (ASX:AFP) signs agreements to new markets worth more than US$1billion

Company News

by Ortenzia Borre

AFT Pharmaceuticals (ASX:AFP) has signed licensing agreements worth more than US$1billion for its Maxigesic pain relief medication.

The deals cover the product to be sold across Germany, Pakistan and Vietnam - countries with pain relief markets estimated to be worth more than US$1 billion.

AFT has already achieved regulatory approval for Maxigesic tablets in Germany and the agreement represents the last significant hurdle to making first sales in an analgesic market.

The company expects first sales of the product in the German market within the year and sales in Pakistan and Vietnam are expected in 2022, dependent on securing regulatory approvals.

Shares closed 5 per cent lower to $2.66 on Thursday.