Leadermed Group and OPKO Health Form Joint Venture to Develop and Commercialize Oxyntomodulin and Factor VIIa-CTP in China and Other Asian Territories
September 14, 2021 at 08:00 am EDT
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LeaderMed Health Group Limited and OPKO Health, Inc. announced the formation of a joint venture to develop, manufacture and commercialize two of OPKO’s clinical stage, long-acting drug products in Greater China and eight other Asian territories. Under the terms of the agreements, OPKO will grant the joint venture exclusive rights to develop, manufacture and commercialize (a) OPK88003, an oxyntomodulin analog being developed for the treatment of obesity and diabetes, and (b) Factor VIIa-CTP, a novel long-acting coagulation factor being developed to treat hemophilia, in exchange for a 47% ownership interest in the joint venture. In addition, OPKO will receive an upfront payment of $1 million and will be reimbursed for clinical trial material and technical support it provides the joint venture. LeaderMed will be responsible for funding the joint venture’s operations, development and commercialization efforts and will, with its syndicate partners, initially invest $11 million in exchange for a 53% ownership interest. OPKO retains full rights to oxyntomodulin and Factor VIIa-CTP in all other geographies.
OPKO Health, Inc. is a multinational biopharmaceutical and diagnostics company. The Company's diagnostics segment consists of the clinical laboratory operations of BioReference Health, LLC (BioReference), its point-of-care operations. Its pharmaceutical segment consists of the pharmaceutical operations in Chile, Mexico, Ireland, Israel, Spain, Ecuador, France, the United States, and its pharmaceutical research and development operations. Through BioReference, it operates specialized laboratory divisions, such as GenPath (Urology), GenPath (Oncology), and GenPath (Women's Health). It has two commercial stage pharmaceutical products and several pharmaceutical compounds and technologies in various stages of research and development for a range of indications and conditions, including Rayaldee, Rayaldee, Oxyntomodulin, Biologics, NGENLA Somatrogon, and Factor VIIa-CTP. It develops and manufactures specialty active pharmaceutical ingredients (APIs) through FineTech Pharmaceutical, Ltd.