Licensing deal for drug company ProStrakan
Pharmaceutical company ProStrakan is to enter into a licensing deal with its Canadian partner, Paladin Labs.
Paladin will provide the Galashiels-based drugmaker's products in some emerging markets.
Paladin will distribute ProStrakan's products in Latin America, sub-Saharan Africa and Israel, where ProStrakan does not have prior arrangements.
The drugs include Abstral, which is used to treat cancer pain, and anti-nausea patch Sancuso.
Commenting on the proposed agreement, Peter Allen, chairman and acting chief executive of ProStrakan, said: "ProStrakan and Paladin already have a track record of working well together.
"I welcome the opportunity to do so more closely as we enter this exciting period in the development of ProStrakan, with US approvals pending for two of our products and the distribution of Sancuso scheduled to re-commence in early 2011."
The firm has had a number of approaches from potential buyers after problems with the distribution of Sancuso in the US meant it was unable to meet customer demand, wiping millions off its profits.