(Alliance News) - Arecor Therapeutics PLC on Thursday said it has signed an agreement with an unnamed "top 10 pharmaceutical company."

The West Sussex, England-based commercial biotechnology company will develop an enhanced antibody formulation for one of the pharmaceutical company's investigational drugs.

Arecor will use its proprietary formulation technology platform, Arestat, to develop a novel, stable formulation of a liquid, high concentration antibody. Meanwhile, the collaborator will fund the development work, generating new revenue for Arecor.

This agreement adds to Arecor's growing portfolio of partnerships, Arecor added.

Chief Executive Officer Sarah Howell said: "This collaborator is a leader in the development of novel medicines. Arecor has a proven track record of leveraging its Arestat technology to help deliver these complex therapeutics."

Shares in Arecor were up 2.1% to 194.00 pence each in London on Thursday morning.

By Sophie Rose, Alliance News reporter

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