- $50M up-front payment upon signing
- Up to $85M on milestones payments and expected double-digit royalties on products sales
Adocia (Paris:ADOC) (Euronext Paris: FR0011184241 ADOC) and Tonghua Dongbao Pharmaceuticals (Shanghai Stock Exchange 600867) announced today a strategic partnership whereby Adocia granted exclusive development and commercialization rights to Tonghua Dongbao for the fixed-ratio insulin glargine and insulin lispro combination, BioChaperone Combo, and ultra-rapid insulin, BioChaperone Lispro, in China and other designated countries. In China, where over 100 million people live with diabetes, these products aim to improve glycemic control for people who require premix or prandial insulins.
Under the terms of the Licensing Agreements, Tonghua Dongbao is responsible for the future development, manufacturing, and commercialization of BioChaperone Combo and BioChaperone Lispro in China and certain other countries. Adocia will receive a total upfront payment of $50 million, including $40 million for BioChaperone Combo and $10 million for BioChaperone Lispro. Additionally, Adocia is entitled to receive development milestone payments up to $85 million, including $50 million for BioChaperone Combo and $35 million for BioChaperone Lispro. Finally, Adocia is expected to receive double-digit royalties on the sale of both products in the territories. Tonghua Dongbao will also reimburse some of Adocia’s expenses for research and development activities performed during the terms of the agreements. Adocia retains the rights to develop and license these two insulin programs in worldwide markets outside of the territories covered by these agreements, including the United States, Europe and Japan. Adocia remains responsible for the development and the manufacturing of BioChaperone pharmaceutical excipients.
“In China, Dongbao has a strong reputation and has a leading position with the production of high quality insulins which allows us to compete with the major global players.” said Yikui Li, President of Tonghua Dongbao. “We have successfully in-licensed BioChaperone Combo in order to increase our market share. In addition, BioChaperone Lispro offers the opportunity for a best in class ultra-rapid prandial insulin.”
“We are very pleased and excited to enter into this strategic partnership with Tonghua Dongbao, the second player in premix of human insulin in China. BioChaperone Combo is the most important program of this collaboration as premixes are the most popular insulin treatment in China.” said Gérard Soula, CEO of Adocia. “This partnership results from our strategic decision to find a local partner in China while keeping the rights on the two projects for the rest of the world.”
“The introduction of BioChaperone Lispro and BioChaperone Combo represent the fourth generation of insulin, derived from the original three generations of insulin, and we are confident and have great expectations for the future of these products. Each improvement of insulin technology will greatly improve the quality of life for patients with diabetes.” said Dr Chunsheng Leng, Vice General Manager of Tonghua Dongbao.
“Tonghua Dongbao is growing at a very rapid pace on the insulin market in China.” said Rémi Soula, Director of Business Development & Intellectual Property of Adocia. “In line with a market currently shifting towards modern insulins, Tonghua Dongbao has now added large state-of-the-art manufacturing capacity for insulins analogs, such as insulins glargine, lispro and aspart, which could soon be approved in China. This was a strong motivation for entering into this collaboration with this highly dynamic company.”
Adocia is a clinical-stage biotechnology company that specializes in the development of innovative formulations of already-approved therapeutic proteins and peptides. Adocia’s portfolio of injectable treatments for diabetes, featuring five clinical-stage products and three preclinical products, is among the largest and most differentiated of the industry. Adocia expanded its portfolio to develop treatments for obesity and short bowel syndrome.
The proprietary BioChaperone technological platform is designed to enhance the effectiveness and/or safety of therapeutic proteins while making them easier for patients to use. Adocia customizes BioChaperone to each protein for a given application to address specific patient needs.
Adocia’s clinical pipeline includes four novel insulin formulations for the treatment of diabetes: two ultra-rapid formulations of insulin analog lispro (BioChaperone Lispro U100 and U200), a combination of basal insulin glargine and rapid-acting insulin lispro (BioChaperone Combo), a rapid-acting formulation of human insulin (HinsBet U100), and a prandial combination of human insulin with amylin analog pramlintide (BioChaperone Pramlintide Insulin). An aqueous formulation of human glucagon (BioChaperone Human Glucagon) successfully completed a Phase 1 trial. Adocia also develops two combinations of insulin glargine with GLP-1 receptor agonists (BioChaperone Glargine Dulaglutide and BioChaperone Glargine Liraglutide), a ready-to-use aqueous formulation of teduglutide (BioChaperone Teduglutide) and a ready-to-use combination of glucagon and exenatide (BioChaperone Glucagon Exenatide), all of which are in preclinical development.
Adocia aims to deliver “Innovative medicine for everyone, everywhere.”
To learn more about Adocia, please visit us at www.adocia.com
About Tonghua Dongbao Pharmaceuticals
Tonghua Dongbao Pharmaceutical co., Ltd. is a China-based company with over 2.000 employees, principally engaged in the research and development, manufacture and distribution of pharmaceuticals. The Company provides biological products, traditional Chinese medicines and chemical supplements, applied in the treatment of diabetes and cardiovascular and cerebrovascular diseases, among others. The Company produces 10 different types of products with over 100 specific pharmaceutical products in production. The Company’s main products portfolio consists of recombinant human insulin crystal API, regular recombinant human insulin injection Gansulin R, isophane protamine recombinant human insulin injection Gansulin N, 30/70 mixture recombinant human insulin injection Gansulin 30R, 50/50 mixture recombinant human insulin injection Gansulin 50R, 40/60 mixture recombinant human insulin injection Gansulin 40R, Zhen Nao Ning capsules and Dongbao Gantai tablets, among others. The Company also provides medical instruments. The Company distributes its products within domestic markets and to overseas markets.
This press release contains certain forward-looking statements concerning Adocia and its business. Such forward-looking statements are based on assumptions that Adocia considers to be reasonable. However, there can be no assurance that the estimates contained in such forward-looking statements will be verified, which estimates are subject to numerous risks including the risks set forth in the “Risk Factors” section of the Reference Document filed with the French Autorité des marchés financiers on April 19, 2018 (a copy of which is available on www.adocia.com) and to the development of economic conditions, financial markets and the markets in which Adocia operates. The forward-looking statements contained in this press release are also subject to risks not yet known to Adocia or not currently considered material by Adocia. The occurrence of all or part of such risks could cause actual results, financial conditions, performance or achievements of Adocia to be materially different from such forward-looking statements.
This press release and the information contained herein do not constitute an offer to sell or the solicitation of an offer to buy Adocia shares in any jurisdiction.
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