Center Laboratories Inc (晟德大藥廠), which makes oral liquid formulations, has signed a memorandum of understanding that would pave the way for a lucrative out-licensing deal with a Chinese partner.
Through the deal, the company plans to license CS02, its diabetes drug candidate, to CR Pharmaceutical Group (華潤集團) to tap into the Chinese market, Center Laboratories said on Friday last week.
The deal is expected to bring in 80 million yuan (US$11.96 million) in signing bonuses and milestone payments, the company said in a statement.
The windfall would boost the company’s earnings per share performance by NT$1.12, it said.
Center Laboratories, which has touted itself as a leading private-equity investor in the biotechnology sector, comparable to the Blackstone Group, expects to retain royalties as a double-digit percentage of net sales of the drug, it added.
A CR Pharmaceutical Group subsidiary would be responsible for development expenses in bringing CS02 to the Chinese market, including further clinical trials and filings for regulatory approval and registrations, as well as marketing and distribution post-approval, Center Laboratories said.
CS02 has enrolled type II diabetes patients and begun phase II clinical trials in Taiwan and the US, which are expected to be completed in 2020 and next year respectively.
“The new drug is designed to restore impaired beta-cells and improve diabetes care, and could potentially treat and reverse both type 1 and type 2 diabetes, while conventional treatments seek to help patients contain blood sugar levels,” Center Laboratories said.
China has the world’s largest population of diabetic patients, about 114 million people or 10.9 percent of the country’s population.
This increasing trend is likely to continue, Center Laboratories said, citing findings by the International Diabetic Federation.
The company’s revenue last month jumped 59.19 percent year-on-year to NT$2.83 billion (US$92.62 million), with contributions coming from its subsidiaries Ausnutria Dairy Corp (澳優乳業) and Glac Biotech Co Ltd (豐華生物科技), as well as from its various oral medical solutions, Center Laboratories said on Tuesday last week.
Cumulative sales in the first six months of this year increased 55.01 percent annually to NT$13.09 billion, it said.
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