Under the deal, each company has made a $1m investment in CET, which is majority owned by Cumberland and partners with academic research centers to develop promising biopharmaceutical technologies.
The investment will be used to accelerate development of CET’s pipeline of new product candidates emerging from Vanderbilt University and other regional research centers.
CET is a joint initiative between Vanderbilt University, Cumberland Pharmaceuticals and the state of Tennessee to support the development of biopharmaceutical product candidates.
The deal will see Gloria have the first opportunity to negotiate a license to CET products for China, while Cumberland will retain access to product rights for the rest of the world.
Cumberland Pharmaceuticals chief executive officer AJ Kazimi said the company believes that CET represents a unique partnership among academia, government and industry.
"We welcome Gloria as our international partner, shareholder and fourth constituent. Together these four partners can help develop and commercialize bio-pharmaceutical research and deliver new products to improve patient care," Kazimi said.
Earlier, Cumberland and Gloria have entered into an exclusive licensing agreement to bring Cumberland’s Caldolor and Acetadote products to hospitals and patients in China.