In the news release, OSR Holdings and SillaJen have entered into
a Memorandum of Understanding to collaboratively pursue the
development of innovative therapeutics and enter the U.S. market,
issued 22-Apr-2024 by OSR Holdings
over PR Newswire, we are advised by the company that in the 3rd
paragraph, "Dr. Seung-Hyun Choi"
should read "Dr. Senyon Choe" as
originally issued inadvertently. The complete, corrected release
follows:
OSR Holdings and SillaJen have entered into a Memorandum of
Understanding to collaboratively pursue the development of
innovative therapeutics and enter the U.S. market
SEOUL,
South Korea, April 23,
2024 /PRNewswire/ -- OSR Holdings, a global
healthcare holding company, announced that it has signed a
memorandum of understanding (MOU) with SillaJen, a Kosdaq-listed
biotech firm with a pipeline of immuno-oncology drug candidates, to
share technology and clinical development resources and launch a
strategic collaboration between the two companies. Through the MOU,
the two companies will explore various ways to collaborate to
create synergies between current platform technologies and new drug
candidates.
OSR Holdings was established in 2019 in South Korea as a "hub-and-spoke" business
model, which has become more visible in the biopharma space over
the past decade. The "hub-and-spoke" model, exemplified by
companies like Roivant Sciences, PureTech Health and BridgeBio
Pharma, enables centralized management of drug development
strategies, clinical plans, and resource allocation by the holding
company. The model allows the holding companies' subsidiaries to
concentrate on the advancement of new drug assets and technological
innovations. The model's scalability and resource efficiency are
notably enhanced, especially as clinical phases of drug development
progresses.
OSR Holdings' current portfolio includes Vaximm AG, a Swiss
entity developing immuno-oncology therapeutics; Darnatein, a South
Korean drug developer of osteoarthritis therapeutics; and RMC, a
distributor of specialized medical devices. Vaximm AG, a venture
spun out from Merck KGaA, has completed Phase 2a clinical trials
for glioblastoma. Darnatein, established by Dr. Senyon
Choe, a former researcher at one of the leading
research institutes in the U.S., Salk Institute for Biological
Studies, boasts a robust platform for cartilage and bone
regeneration and is developing new drugs for other diverse disease
indications based on this foundational technology.
SillaJen boasts a diverse pipeline of new drugs, including
the SJ-600 series and BAL0891, and is leading the way in developing
anti-cancer viruses based on its GEEV® platform. Known for its
immune-evasion capabilities, GEEV® enables anti-cancer viruses to
efficiently target affected areas. The SJ-600 series is an
anti-cancer pipeline based on SillaJen's GEEV® platform. BAL0891, a
mitotic checkpoint inhibitor, has advanced to Phase 1 clinical
trials targeting solid tumors and will be conducted in the United States.
Sung Jae "Alex" Yu, COO of OSR Holdings, stated, "the signing of
this MOU marks the two companies transitioning into strategic
partners for the development of innovative drug technologies in the
global immuno-oncology market. We eagerly anticipate exploring a
variety of opportunities to further our relationship and
collaborations with SillaJen, particularly in the U.S., the largest
pharmaceutical market in the world."
A representative of SillaJen stated, "We can anticipate
synergies by collaborating between a company that possesses
original anti-cancer drug development technology and a company with
global business expertise," and added, "Aside from our cooperation
with existing partners, we will have the opportunity to present
SillaJen's exceptional pipeline in the U.S. market."
About OSR Holdings
OSR Holdings, headquartered in Korea, is a global healthcare
holding company with biopharma and medical device subsidiaries in
areas with high unmet medical needs such as certain cancer
indications. The biopharma subsidiaries are developing novel drug
candidates based on differentiated technologies. The medical device
subsidiary operates as an exclusive distributor of
neuro-intervention devices to nationwide hospitals in Korea. In
November 2023, OSR Holdings announced
a business combination with Bellevue Life Sciences Acquisition Corp
(Nasdaq: BLAC), a SPAC that completed a $69M IPO in February
2023.
About SillaJen
SillaJen, Inc. (KOSDAQ: 215600) is a publicly held biotech
company developing anti-cancer therapies, with its clinical-stage
products, Pexa-Vec, an oncolytic viral immunotherapy, and BAL0891,
a mitotic checkpoint inhibitor. The company is also developing a
unique CD-55 expressing vaccinia virus platform, GEEV®, which can
be delivered to tumors via intravenous injection while evading the
complement system and neutralizing antibodies against oncolytic
viruses. Additional information about SillaJen is available at
www.sillajen.com.
Disclaimer Language:
This press release contains certain forward-looking statements
regarding, among other things, statements relating to goals, plans
and projections regarding the Company's financial position, results
of operations, market position, product development and business
strategy. Such forward-looking statements are based on current
expectations and involve inherent risks and uncertainties,
including factors that could delay, divert or change any of them,
and could cause actual outcomes and results to differ materially
from current expectations. No forward-looking statements can be
guaranteed, and actual results may differ materially from such
statements. The information in this release is provided only as of
the date of this release, and OSR Holdings undertakes no obligation
to update any forward-looking statements contained in this release
on account of new information, future events, or otherwise, except
as required by law.
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