Ascentage Pharma and Innovent Biologics announced a multifaceted strategic collaboration. This collaboration includes the joint clinical development and commercialization of HQP1351(olverembatinib), a third-generation BCR-ABL inhibitor and a core drug candidate of Ascentage Pharma, in China; the collaborative clinical development of Ascentage Pharma's Bcl-2 inhibitor APG-2575 (lisaftoclax) in combination with the anti-CD20 monoclonal antibody Halpryza (rituximab biosimilar injection) co-developed by Innovent and Eli Lilly and Company, and Innovent's anti-CD47 monoclonal antibody letaplimab (IBI188).
Furthermore, Innovent will subscribe to Ascentage Pharma's common shares for a total consideration of US$ 50 million at HK$ 44.0 per share, and be granted stock warrants that will allow it to acquire additional Ascentage Pharma's common shares for a total consideration of US$ 50 million at a subscription price of HK$ 57.2 per share. This agreement marks a large-scale multifaceted collaboration between two leading Chinese innovative biopharmaceutical companies.
Dr. Dajun Yang, chairman & CEO of Ascentage Pharma, stated: “Innovent is a leading biopharmaceutical company with outstanding integrated capabilities in the R&D and commercialization of innovative therapies. It is our great pleasure to enter into this multifaceted and comprehensive landmark partnership with Innovent. HQP1351 is a novel therapeutic with practice-changing potentials. We hope that by leveraging the two companies' expertise in clinical development, we will be able to quickly expand the indications of HQP1351. Another one of our assets, APG-2575, is the world's second, and China's first Bcl-2 inhibitor that has demonstrated compelling clinical activity with best-in-class potential. As a small-molecule drug, APG-2575's potential utility in combination with Innovent's anti-CD20 monoclonal antibody and anti-CD47 monoclonal antibody is very promising. The equity investment in Ascentage Pharma is a major strategic investment signifying Innovent's strong recognition of our R&D capabilities and our growth potential, and generates powerful tailwind to our global clinical development programs. Moreover, this collaboration between two companies with shared company cultures and mission is groundbreaking for China's biopharmaceutical industry. We hope this partnership between the two companies will accelerate the development of innovative therapeutics in China and benefit more patients around the world.”
Dr. Michael Yu, founder, chairman and CEO of Innovent Biologics, stated: “We are excited to form this strategic collaboration with Ascentage Pharma, a pioneer in the field of innovative R&D of apoptosis-targeted therapies. Innovent is deeply engaged in the oncology area having built up a robust oncology pipeline of nearly 20 clinical stage assets, industry-leading medical operations and regulatory affairs team, a broad commercial channel and a professional commercial team of over 2,000 people. The collaboration with Ascentage Pharma adds another near-to-launch innovative medicine HQP-1351 to our pipeline, and we will leverage our advantage in the joint commercialization after the drug is approved. In addition, this collaboration creates potential synergy with our oncology pipeline such as CD47 and CD20 antibodies. Meanwhile, we are impressed with Ascentage Pharma's strong R&D capability and rich pipeline, and we hope to join in our partner's growth potential realization through the strategic equity investment. We look forward to partnering with Ascentage Pharma and bringing the innovative therapies of both parties to patients as soon as possible.
The strategic collaboration represents a new model for China biopharmaceutical companies to work together to bring additional benefit to patients. Innovent has been exploring diversified and innovative strategic partnership models with outstanding pharmaceutical companies globally with the aim to make more innovative therapies available. This collaboration proves once again that Innovent is an ideal partner to help expand pipeline development and product commercialization.”
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