Date: 2013-08-19
Type of information: Licensing agreement
Compound: SGLT (Sodium-dependent glucose cotransporter) 2 Inhibitor
Company: Sirona Biochem (Canada) Wanbang Pharma (China)
Therapeutic area:
Type agreement: licensing
Action mechanism:
Disease:
Details: * On August 19, 2013, Sirona Biochem, the parent company of French-based biotechnology company, TFChem, has announced the signing of a Letter of Intent whereby Sirona Biochem will provide an exclusive license to Wanbang Pharma to develop and commercialize Sirona’s SGLT2 Inhibitor in the People’s Republic of China (PRC). Under the terms of the LOI, Wanbang Pharma will assume responsibility for funding and leading all clinical studies required for Chinese Food and Drug Administration approval. Sirona Biochem will be provided all clinical study results to support new regulatory applications outside of PRC.
Wanbang Pharma is the largest manufacturer and marketer of a comprehensive portfolio of drugs for diabetes. The company is a subsidiary of Fosun Pharmaceutical Group which is listed on the Shanghai Stock Exchange. Fosun Pharma, a major shareholder of Sino Pharma, the largest drug distributor in China, is part of the Fosun Group, the largest non-state owned enterprise group in China which is listed on the Hong Kong stock exchange.
Financial terms: In exchange for this license, Sirona Biochem will receive upfront and milestone payments of up to $9.5 million upon successful achievement of development and regulatory milestones and then royalty payments for product sales in the PRC.
Latest news:
