Sirona Biochem Signs LOI With Wanbang Pharma
Sirona Biochem has signed a LOI with Wanbang Pharma to develop and commercialize its SGLT2 inhibitor in China.
AsianScientist (Aug. 26, 2013) - Sirona Biochem Corporation, the parent company of French-based biotechnology company, TFChem, has signed a Letter of Intent (LOI) to provide an exclusive license to Wanbang Pharma to develop and commercialize Sirona’s SGLT2 inhibitor in China.
Wanbang Biopharmaceuticals, a Chinese pharmaceutical company and subsidiary of Fosun Pharmaceutical Group, specializes in the research, production and marketing of medicines for diabetes, cardiovascular disease and endocrinology.
In exchange for this license, Sirona Biochem will receive upfront and milestone payments of up to US$9.5 million upon successful achievement of development and regulatory milestones and then royalty payments for product sales in the 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.
"We are excited by the opportunity to work with Wanbang Pharma, the leading anti-diabetic company supplying the largest diabetic population in the world," said Neil Belenkie, Chief Executive Officer of Sirona Biochem. "With more than 90 million people suffering from diabetes in China and the market growing more than 20 percent per year, we believe that Wanbang Pharma is uniquely positioned to provide maximum potential to commercialize our SGLT2 inhibitor in the Chinese marketplace."
Source: Sirona Biochem.
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