Sirona Biochem Completes Exclusive Licensing Agreement With Leading Anti-Diabetic Company in China, Wanbang Biopharmaceuticals
27 January 2014 - 11:45PM
Marketwired
Sirona Biochem Completes Exclusive Licensing Agreement With Leading
Anti-Diabetic Company in China, Wanbang Biopharmaceuticals
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 27, 2014) -
Sirona Biochem Corp. (TSX-VENTURE:SBM)(OTCQX:SRBCF) announced today
the completion of an exclusive licensing agreement with Wanbang
Biopharmaceuticals (Wanbang Biopharma). Sirona Biochem will provide
an exclusive license to Wanbang Biopharma to develop and
commercialize Sirona's anti-diabetic SGLT2 inhibitor in the
People's Republic of China (PRC).In exchange for this license,
Wanbang Biopharma will provide upfront and milestone payments of up
to US$9.5M in addition to royalty payments for product sales in the
PRC.
Details: In return for a robust licensing, milestone and royalty
agreement, Sirona Biochem has transferred the responsibility for
all funding, clinical development, regulatory requirements,
manufacturing, sales and marketing of its SGLT2 inhibitor in China.
Wanbang Biopharma will share all data generated through its
clinical studies, significantly elevating the value of Sirona's
SGLT2 inhibitor for licensing in the rest of the world. Recent
transaction values for SGLT2 Inhibitors include:
- Empagliflozin, one of a two-compound licensing deal between
Boehringer Ingelheim and Eli Lilly for at one time payment of
EUR300 million and milestone payments of EUR625 million.
- Dapagliflozin (Forxiga®), one of a two-compound licensing deal
between Bristol Myers Squibb and AstraZeneca for upfront payment of
US$100 million and milestone payments of up to US$1.25 billion
- Bristol Myers Squibb and AstraZeneca expand licensing deal of
dapagliflozin to include Japan; deal estimated to bring more than
US$1 billion
In China alone, more than 90 million people suffer from
diabetes, and this number is increasing at an alarming rate of 20%
per year.
"We are proud to work with Wanbang Biopharma in the continued
development of our SGLT2 inhibitor as treatment for this global
epidemic." said Neil Belenkie, Chief Executive Officer of Sirona
Biochem.
About Wanbang Biopharma
Wanbang Biopharma is a leading pharmaceutical company in China
that specializes in research, production and marketing of medicines
for diabetes, cardiovascular disease and endocrinology. Among
domestic pharmaceutical companies, Wanbang Biopharma is one of the
largest manufacturers and marketers of a comprehensive portfolio of
drugs for diabetes.
Wanbang Biopharma is a subsidiary of Fosun Pharmaceutical Group
(Fosun Pharma) which is listed on the Shanghai stock exchange
(600196.SH) and the Hong Kong stock exchange (02196.HK). Fosun
Pharma is part of Fosun Group, the leading non-state owned
enterprise group in China which is listed on the Hong Kong stock
exchange (00656.HK).
About Sirona Biochem
Sirona Biochem is a cosmetic ingredient and drug discovery
company with a proprietary technology platform developed at its
laboratory facility in France. The company specializes in the
stabilization of carbohydrate molecules, with the goal of improving
compounds' efficacy and safety. Sirona Biochem's compounds are
patented as new chemical entities for maximum commercial protection
and revenue potential. Newly developed compounds are licensed to
leading companies around the world in return for licensing and
milestone fees and ongoing royalty payments. TFChem, Sirona
Biochem's wholly-owned French laboratory is a recipient of multiple
French national scientific awards and a European Union and French
government grant. For more information visit
www.sironabiochem.com.
Sirona Biochem would like to thank Eyal Harel and Wang Pu of
XinTech (Bio Sciences) for their invaluable contribution to this
project. www.xintechnologies.com
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release contains forward-looking information,
which involves known and unknown risks, uncertainties and other
factors that may cause actual events to differ materially from
current expectation. Forward-looking statements in many cases can
be identified by words such as "may", "will", "expect", "believe",
"potential" or other similar terms. Risks and uncertainties
include, without limitation; difficulties or delays in development,
testing and obtaining regulatory approval of a drug; unexpected
adverse side effects or inadequate therapeutic efficacy of a drug
that could delay or prevent product development or
commercialization; the scope and validity of patent protection for
a product; and competition from other pharmaceutical or
biotechnology companies. As a result, there are no assurances (i)
that Wanbang Pharma will be able to develop and commercialize
Sirona's SGLT2 Inhibitor or obtain China's FDA approval of a drug;
and (ii) that Sirona Biochem will be able to earn the milestone
payments or Wanbang Pharma will obtain sales of a drug at
reasonable commercial levels.
Readers are accordingly cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date of this news release. Sirona Biochem does not assume
any obligation to update any forward-looking statements except as
required by law.
Sirona Biochem Corp.Christopher
HoptonCFO1.604.282.6064chopton@sironabiochem.comwww.sironabiochem.com
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