A biotech firm recently transplanted to Lawrence soon could be growing up out of town, now that it has a multinational partner just 35 miles down the road.

ANOxA Corp., which earlier this spring relocated from New York to 619. N. Second St. in North Lawrence, has secured a licensing agreement with Dechra Veterinary Products in Overland Park.

The agreement gives Dechra exclusive, worldwide rights for the sale and distribution of Eiphisol, a treatment developed by ANOxA for controlling Exercise Induced Pulmonary Hemorrhage (EIPH) in performance horses.

ANOxA officials have estimated the market at $200 million a year for treating the disorder. EIPH strikes horses ranging from standard breeds to thoroughbreds, including race horses, barrel racers and others that become known as “bleeders.”

Herman Haenert, ANOxA president, acknowledged that completing the agreement with Dechra Veterinary Products — a division whose British parent boasts annual sales of $550 million — would spur discussions of ANOxA relocating once again.

While ANOxA has a single employee in Lawrence, Dechra has sales, marketing and development operations in Overland Park.

The chances of ANOxA remaining in Lawrence are “50-50,” Haenert said. The company will explore other options, provided that they comply with the major financial incentive that drew ANOxA to Kansas in the first place: $300,000 from the Kansas Bioscience Authority.

“The KBA’s seed money is helping us along,” Haenert said about the ability to secure a partner in challenging economic times. “The business and the development, everything will be in Kansas. Whether or not it’s in Lawrence or wherever, it certainly will be in the state of Kansas.”

ANOxA had been trying for some time to locate a willing partner to work on Eiphisol, Haenert said, but economic conditions weren’t favorable. Then, after moving the company to Lawrence, ANOxA worked out the arrangement with Dechra.

Under the agreement, Dechra gets worldwide rights to sell and distribute the treatment. Dechra also is responsible for conducting all the studies necessary for regulatory filings and final government approvals required in the United States and other key countries.

Haenert figures it could take three years to get the treatment approved by the FDA. He still expects to have three employees in Kansas in the short term, plus hire another seven within five years.

ANOxA and Dechra leaders will be meeting next month in Overland Park to discuss the future for their partnership, including where ANOxA will settle down.

“Nothing’s set in stone,” Haenert said. “We’re taking baby steps here. We’re elated to get this (agreement) done, to get the product to the development phase and (on its way) to the market.”