AbGenomics Corp (
The product, a therapeutic monoclonal antibody dubbed "antibody 168," has passed pre-clinical trials and may potentially treat a broad range of conditions including rheumatoid arthritis, psoriasis, allergies, asthma and organ transplant rejection, according to AbGenomics.
The Taiwanese biotech start-up company has also secured the right to co-promote the product in selected Asian countries. It estimated that antibody 168 will hit the market in five to seven years, and have a global market worth over NT$514 billion (US$17 billion).
"At the beginning of our interactions with AbGenomics we recognized the profound scientific and technological expertise of this young biotech company," said Klaus Wilgenbus, head of corporate division licensing at Boehringer Ingelheim, at a contract-signing ceremony in Taipei yesterday.
He said that the conclusion of this agreement marked an important milestone in strengthening its product pipeline of innovative biopharmaceutical products.
Boehringer Ingelheim, headquartered in Ingelheim, Germany, is one of the world's top 20 pharmaceutical companies. It posted net sales of 8.2 billion euros (US$10.1 billion) last year.
According to this global exclusive agreement, AbGenomics will receive an up-front payment in one month; R&D milestone payments collected in different phases depending on the progress of development; and royalties, allotted at a fixed proportion of annual net sales until the patent expires in 2025.
Although the two parties declined to disclose specific terms of the transaction, Lin Rong-hwa (
"This deal gives us and all the other Taiwanese biotech companies much-needed confidence," Lin said.
Lin, formerly head of National Taiwan University's Graduate Institute of Immunology, established AbGenomics in 2000 with capital pooled from Chiao Tung Bank, China Steel Corp and Yuen Foong Yu Paper Manufacturing Co.
To take care of shareholders' interests and bring in capital to facilitate future research and development, Lin started negotiating with overseas pharmaceutical companies in 2002.
"With this deal, we can break even this year after having spent more than NT$400 million over the past five years," Lin said.
In addition to antibody 168, AbGenomics has also conducted experiments on two other antibodies it discovered, as well as one antibody licensed by National Taiwan University.
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