Richter entered into an asset purchase agreement with Mycenax for the biosimilar tocilizumab
- Category: Antibodies
- Published on Monday, 04 May 2020 09:30
- Hits: 2342
April 29, 2020 I Gedeon Richter Plc. ("Richter") today announced that it has entered into an asset purchase agreement with Mycenax Biotech Inc. ("Mycenax") in respect of biosimilar tocilizumab ("Product") for the treatment of rheumatoid arthritis.
According to the agreement Richter receives worldwide rights to develop, manufacture and commercialise the Product. Biosimilar tocilizumab assets comprise the cell lines, intellectual property (IP) rights, technology know-how and data generated by Mycenax. The Parties have agreed that the price payable by Richter in four installments amounts to USD 16.5 million. Richter made a down payment of USD 2 million for exclusive negotiation rights and will pay upon signature an additional USD 3 million as upfront payment. The Product is expected to reach the market in the European Union, Canada, Australia and Japan during 2025.
"We are thrilled to see our biosimilar portfolio taking shape as we add this highly promising rheumatology project to our biologicals pipeline," – said Gábor Orbán, Chief Executive Officer of Richter.
Tocilizumab is a biological product used in the treatment of rheumatoid arthritis. The product is also approved for the treatment of paediatric juvenile idiopathic arthritis, systemic juvenile idiopathic arthritis, giant cell arteritis and CAR-T cell-induced cytokine release syndrome. It is available in both subcutaneous and intravenous formulations.
Founded in 2001, Mycenax Biotech (www.mycenax.com.tw/en) is the pioneer in Taiwan focusing on CMC development for biologics. With the current market cap NTD of 1.28 billion, the company encompass the whole value chain, ranging from R&D through manufacturing to commercialization through its high-standard biologics development technology as well as a cGMP manufacturing facility. Utilizing Taiwan as the center for development and manufacturing, Mycenax connects the up- and downstream of the industry to offer contracted development and manufacturing services.
Gedeon Richter Plc. (www.richter.hu), headquartered in Budapest/Hungary, is a major pharmaceutical company in Central Eastern Europe, with an expanding direct presence in Western Europe, in China and in Latin America. Having reached a market capitalization of EUR 3.6 billion (USD 4.1 billion) by the end of 2019, Richter's consolidated sales were approximately EUR 1.6 billion (USD 1.7 billion) during the same year. The product portfolio of Richter covers many important therapeutic areas, including Women's Healthcare, Central Nervous System and Cardiovascular areas. Having the largest R&D unit in Central Eastern Europe, Richter's original research activity focuses on CNS disorders. With its widely acknowledged steroid chemistry expertise, Richter is a significant player in the Women's Healthcare field worldwide. Richter is also active in biosimilar product development.
SOURCE: Gedeon Richter