Drugmaker Medigen Biotechnology Corp (基亞生技) yesterday said its Japanese partner Oncolys Biopharma Inc has reached licensing and capital tie-up agreements with a third party regarding the OBP-301 liver cancer medicine, which is expected to benefit the Taiwanese firm based on the terms of their partnership.
Medigen said in a regulatory filing that based on its strategic alliance and licensing agreement with Oncolys, the company could enjoy up to one-third of commercial interests of OBP-301 (Telomelysin).
As the licensing agreement is to take effect on April 24, Medigen would see a licensing contribution from the deal later this month and other milestone payments after that.
OBP-301 is a cancer treatment developed by Medigen and Oncolys over more than 10 years.
It is currently being tested in clinical trials for people with esophageal cancer in Japan, for treatment of gastric cancer in the US, as well as in Taiwan and South Korea for liver cancer patients, Medigen said.
Earlier yesterday, Oncolys entered into an agreement with Chugai Pharmaceutical Co Ltd, granting the latter an exclusive license, with sublicensing rights for the development, manufacture and marketing of OBP-301 in Taiwan and Japan, Medigen said.
Oncolys and Chugai, a member of the Roche Group, also reached a licensing agreement that grants Chugai an exclusive option on the worldwide development, manufacture and marketing of OBP-301, excluding Taiwan, Japan, China, Hong Kong and Macau, the filing said.
According to a statement Oncolys posted on its Web site, the company is to receive ￥550 million (US$4.93 million) from Chugai as an upfront payment for the exclusive licensing agreement.
If a certain level of efficacy is confirmed in the clinical studies of OBP-301, and should Chugai exercise the exclusive option, the total value of the licensing deal would be ￥50 billion or more, Oncolys said.
After the commercial launch of OBP-301, Oncolys could also receive royalties on Chugai’s sales of the drug, it added.
Oncolys is to issue ￥800 million of new common shares to Chugai.
Medigen posted cumulative revenue of NT$72.41 million (US$2.35 million) in the first two months of this year.
The company remained in the red last year, with a net loss of NT$442.67 million, compared with a net loss of NT$466.75 million the previous year.
Sales during the period declined 4.72 percent to NT$407.31 million.
Losses per share were NT$3.05 last year.
Medigen shares yesterday rose 0.33 percent to close at NT$61.2 in Taipei trading.
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