LONDON (Reuters) - British pharmaceutical company AstraZeneca (L:AZN) said it would subscribe for more shares in Circassia (L:CIRCI) 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.