Drug firm Alembic Pharma said its associate company, Rhizen Pharmaceuticals, has entered an exclusive license agreement with Curon Biopharmaceutical for development and commercialisation of Tenalisib, used in treatment of cancer, in Greater China.
According to a regulatory filing, Rhizen Pharmaceuticals is a Switzerland-based privately held clinical-stage biopharmaceutical company, and Curon Biopharmaceutical is a clinical-stage innovative biopharmaceutical company with facility in Shanghai.
Under the terms of the agreement, Rhizen will receive an undisclosed upfront cash payment and is eligible to receive additional development and commercial milestone payments with an overall deal value of $149.5 million (approx Rs 1,047 crore) plus double-digit royalties on annual net sales of Tenalisib, Alembic Pharma said in the filing.
Alembic Pharma said Curon obtains the exclusive development and commercialisation rights of Tenalisib for Greater China across all oncology indications.
It will lead the clinical development in that territory by leveraging its expertise in translational research, clinical development and regulatory registration and its extensive research collaboration experience, to accelerate the development of and regulatory approval of this product in Greater China, Alembic Pharma added.
Alembic Pharmaceuticals, through its wholly owned subsidiary, holds 50 per cent ownership in Rhizen.