Shield Therapeutics plc announced that it has entered into an exclusive licence agreement for Accrufer with KOREA PHARMA CO.,LTD in the Republic of Korea. Alongside the financial terms of the licence, Korea Pharma will undertake and pay for all activities to achieve marketing authorisation and then commercialise Accrufer in Korea. Shield will receive an upfront payment of £0.5 million and is eligible to receive a further £1.5 million upon first commercial sale of Accrufer in Korea. Shield will also receive up to £4.0 million in milestone payments upon the achievement of specified cumulative sales targets. For the duration of the intellectual property in Korea, Shield will receive royalties of 15% of net sales of Accrufer. Korea Pharma will be responsible for all clinical and regulatory costs and activities as well as all manufacturing and distribution costs of goods sold in Korea.