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news.ProMetic Life Sciences and Allist Pharmaceuticals have entered into a strategic agreement to develop and commercialise ProMetic's drug candidates PBI-1402 and PBI-4419 in China.
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Allist will fund the development costs required for the regulatory approval in China for the two products.
Under the agreement, Allist undertakes to perform development activities according to standards meeting FDA requirements, which will then allow ProMetic to have full access to and use the data generated by Allist for markets outside China.
Allist will retain the rights for the Chinese market for PBI-1402 for the chemotherapy-induced anemia (CIA) and cancer related anemia (CRA) indications and for PBI-4419 for fibrotic diseases.
As per the contract, ProMetic will pay performance milestones $59m and royalties on future products sales to Allist.
Upon ProMetic completing a technology transfer for the two drug candidates this quarter, Allist will proceed with the scale-up of the manufacturing processes and will initiate clinical trials as well as other pivotal development activities.
Allist CEO Jianhui Guo said that ProMetic’s research & development program has generated very promising drugs to address unmet medical needs and Allist will accelerate the development of these two drug candidates.