PLANEGG-MARTINSRIED (dpa-AFX) - Formycon has entered into another partnership for the commercialization of its biosimilar to the megablockbuster Keytruda from Merck & Co. As the pharmaceutical manufacturer announced on Tuesday, it has signed an exclusive license and supply agreement for its corresponding product, named FYB206, covering the USA and Canada. The partner for this deal is Zydus Lifesciences Limited. Recently, Formycon had reached a similar agreement for its product with MS Pharma for the Middle East and North Africa (MENA) region. Following the latest news, Formycon shares rose by around 3 percent, making them one of the top gainers in the SDax.
Formycon is entitled to receive payments from Zydus as early as 2025, amounting to a low double-digit million-euro sum, according to the company. Additional payments are tied to the achievement of certain milestones, which are expected to total a mid double-digit million-euro amount. After market launch, Formycon will also receive a mid double-digit percentage share of gross revenues generated in the two countries.
"The partnership with Zydus for the USA and Canada is a significant milestone for us," said CEO Stefan Glombitza. Zydus already has a strong commercial presence in the USA, where the company generates almost half of its global sales.
The FYB206 biosimilar is a key hope for the Bavarian company. The original Keytruda medication is one of the world's highest-grossing drugs. The US-based Merck & Co generated nearly $30 billion in revenue last year with the cancer drug (active ingredient pembrolizumab) alone. As the main patents for the drug are set to expire in a few years, a rush of biosimilar manufacturers is anticipated. According to previous statements, Formycon aims to be at the forefront of this competition.
