Biopharmaceutical company Quantum Genomics has signed an exclusive license and production agreement with Julphar to market and manufacture firibastat.
Julphar is a pharmaceutical company based in the UAE and has presence in the MENA (Middle East North Africa) region.
It will secure exclusive rights to produce and market firibastat in all African countries, Commonwealth of Independent States (CIS), Turkey, and the Middle East.
Julphar has manufacturing facilities in Ras Al Khaimah, and hence will be able to mass produce firibastat.
It will also serve as Quantum Genomics’ sole supplier for these regions.
Quantum Genomics specialises in development of a new class of cardiovascular drugs, based on the Brain Aminopeptidase A Inhibition (BAPAI) system.
Quantum Genomics will get up to $20m as upfront, development and sales milestone payments as well as secure royalties on future firibastat sales.
Julphar has also commitment to invest $2m in Quantum Genomics through a private placement.
Details of the deal will be shortly announced.
Quantum Genomics CEO Jean-Philippe Milon said: “Julphar, which was founded forty years ago, is one of the largest pharmaceutical companies in the MENA region. Its success has been built on its comprehensive portfolio including anti-infectives, dermatology and diabetes products and its presence in all key MENA markets.
“Its business is expanding fast, and cardiology is one of its key areas of investment. Julphar is also among the region’s largest producers and is the ideal partner to support firibastat’s future production needs. We’re already exploring how Julphar could meet some of those requirements for the United States and Europe.”
Julphar CEO Dr. Essam Mohammed said: “Julphar is delighted to partner with Quantum Genomics to commercialize firibastat, a first in class molecule to treat resistant and difficult-to-treat hypertension, and to produce it in our state-of-the-art manufacturing facilities in Ras Al Khaimah. We are confident that firibastat will add strong value to the treatment of this unmet medical need and to Julphar’s portfolio.”
Dr. Essam Mohammed added: “The new landmark agreement brings together a stronger focus on innovative ways to address critical diseases in the MENA region through manufacturing high-quality medications locally.”