Mumbai-based Glenmark Pharmaceuticals has reportedly announced an exclusive license agreement with China-based Harbour BioMed. The deal, worth more than $120 million, showcases China’s willingness to transform healthcare by encouraging innovation.
Sources cite that the agreement aims at developing, producing & commercializing Glenmark’s GBR 1302 drug for the greater China region where the prevalence of certain HER2 positive cancer cases generates a clinical need.
A press release by Glenmark Pharma states that the GBR 1302 is a part of Glenmark’s patented BEAT platform and is a bispecific antibody that targets CD3 & HER2. It is utilized for the treatment of HER2 positive cancers. The drug is reportedly undergoing enrollment in the U.S. & Germany, and works by stimulating the immune system to fight against the HER2 overexpressing tumor cells.
The company would receive an upfront payment and payments on achieving certain development level, commercial & regulatory milestones, tiered royalties from Harbour BioMed on product sales.
Glenmark Chairman and MD, Glenn Saldanha expressed his delight about establishing this strategic relationship with Harbour BioMed whose extensive local experience will aid Glenmark in discovering, developing & innovating drugs for certain unfulfilled medical needs.
Harbour BioMed Founder & CEO, Dr. Jingsong Wang stated that this partnership aligns with their plan of leveraging company’s expertise in clinical development by in-licensing innovative clinical-stage products. He further added that the GBR 1302 compliments their internal portfolio of innovative antibody therapeutics.
Glenmark President and Chief Scientific Officer, Kurt Stoeckli stated that both companies follow the same principles and possess a common vision of developing highly effective & precise medicines to help cancer patients. He added that they look forward to achieving this goal together.
Post the announcement, Glenmark Pharma started trading 0.91% higher at about Rs. 602 per share, cite trusted sources.