HKMPF - Junshi Rxilient form JV for cancer drug toripalimab in Southeast Asia

2023-03-29 06:05:32 ET

Shanghai Junshi Biosciences ( OTCPK:SHJBF ) is collaborating with Rxilient Biotech to develop and sell cancer drug toripalimab through a joint venture, Excellmab, in nine Southeast Asian nations.

Under the agreement, Rxilient will subscribe to the newly issued shares of Excellmab for ~$5M and Junshi will pay for the subscription amount under a shareholders' agreement by granting Excellmab rights under a licensing agreement.

After issuance, Rxilient will own 60% of Excellmab while Junshi will own the remaining 40%.

Excellmab will be responsible for development, medical affairs, production of finished products, and sale of the products within the territory, which consists of nine Southeast Asian nations, including Thailand, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, and Vietnam.

Excellmab will also get a right of first negotiation for the commercialization of four other products under research as under the license agreement in the cooperation territory. As per progress of toripalimab's research and development and other projects, Junshi may receive milestone payment of up to ~$4.52M, plus some royalties on net sales.

Junshi has a licensing agreement with London-based Hikma Pharmaceuticals ( OTCPK:HKMPF ) ( OTCPK:HKMPY ) for the anti-PD-1 monoclonal antibody toripalimab in the Middle East and North Africa (MENA).

Toripalimab is currently under review in the U.S. to treat for nasopharyngeal carcinoma. The FDA was expected to make decision on the  Coherus BioSciences' ( CHRS ) biologics license application (BLA) by Dec. 23, 2022. However the agency was not able to conduct a site inspection of Junshi's manufacturing facility in China.

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