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news.Hematech Biotherapeutics (HBI) and ProMetic Life Sciences have entered into an orphan drug license and strategic manufacturing deal.
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According to the agreement, HBI gains manufacturing rights of plasma-derived biopharmaceuticals using ProMetic proprietary PPPS.
The collaboration will focus on the co-development and co-exclusive commercialization, on a world-wide basis (excluding China).
HBI chairman Dr Chan said, "This strategic relationship will provide Hematech and ProMetic with a valuable biopharmaceutical product with excellent market potential as well as a world class manufacturing facility implementing ProMetic’s proven manufacturing platform."
HBI will fund $10m for the Orphan Drug’s development program up to regulatory approval.
ProMetic is eligible to receive $1m upfront payment followed by $9m staged payments related to defined development milestones.
According to the agreement, $5m of the development fees are expected over the course, leading to the filing of an IND in the second half of 2013.
ProMetic will manufacture the orphan drug in its Laval facility and in HBI’s planned facility in Taiwan.