Business

Diaceutics lands $10.1m contract with top US global pharma firm

Diaceutics has landed a $10.1 million multi-year enterprise engagement with top 10 global pharma company in the US
Diaceutics has landed a $10.1 million multi-year enterprise engagement with top 10 global pharma company in the US

BELFAST-based Diaceutics, a leading technology and solutions provider to the pharmaceutical industry, saw its shares jump more than 13 per cent on Monday after it secured a three-year enterprise contract with a top 10 global pharmaceutical company in the US.

The contract will initially deliver $10.1 million (£8.2m) of revenue over a three-year period, with additional options which could significantly increase the scope and value over the contracted period.

Revenue will be recognised on a monthly basis, spread broadly evenly over the course of the contract, commencing immediately.

The contract, alongside those announced in January, evidences the value placed in Diaceutics as a leading tech-to-pharma strategic partner.

The company's chief innovation officer Ryan Keeling said: “This multi-year enterprise-level engagement serves to validate our strategy of acceleration as the investments made in our platform technology, data and products enable us to fully capitalise on the growing market opportunity.

“This is a significant step forward towards our core mission of getting every eligible patient the right test and the right therapy to positively impact their disease outcome.”

He added: “The strength of our growing pipeline of new enterprise-level contracts highlights the progress made in becoming the primary commercialisation partner for pharma or biotech companies launching a new precision medicine.

“Moreover, this contract shows that the data and expanded services we are now providing are seen as being of increasing value to their sales and marketing efforts. The additional opportunities that this creates for us is a very significant part of our accelerated growth strategy.”

In early trading on Monday, shares in Diaceutics were up 13.7 per cent at 91.50p.