CRANBURY, N.J., May 8, 2013 /PRNewswire/ -- Oncobiologics, Inc. announced today that Zhejiang Huahai Pharmaceutical Co., Ltd and Oncobiologics have signed an alliance agreement for the development, manufacture and commercialization of biosimilar monoclonal antibody products. The scope of the agreement includes exclusive commercialization by Huahai of four biosimilars developed by Oncobiologics and manufactured in China at a Huahai biologics facility for the China market, and will also establish a co-development and commercialization partnership for launching such biosimilars to more than 30 developed countries, including the U.S., E.U., Japan, Canada and Australia. The partnership will seek local partners to drive commercialization in those 30 countries.
The four biosimilars are generic versions of Humira®, Rituxan®, Avastin®, and Herceptin®. These biologics are the most popular therapies in the world for their respective cancer and immune-disease indications, representing annual global revenue of more than $40 billion with more than $20 billion in the countries covered by this agreement. The partnership is planning to launch its first product by late 2016.
"This partnership is an important step toward introducing affordable, high-quality biotherapeutics to China. Huahai is thrilled to partner with Oncobiologics, which brings us excellent biologics development and manufacturing capability, and a deep knowledge of the scientific and quality requirements within the developed world," said Vice Chairman of Zhejiang Huahai and CEO of Huahai U.S., Mr. Jun Du. "Through this partnership, we look forward to establishing a world class biologics operation in China while also participating in the very promising biosimilars market in the developed world."
"Huahai is a leader in small-molecule pharmaceuticals in China, and was the first company in China to receive finished product manufacturing approval from the US FDA. They are distinguished by commercial strength in China and a deep quality culture in their operations, which is essential as we partner to create a strong biologics capability there," commented Oncobiologics Founder & CEO Pankaj Mohan, Ph.D.
Mohan added, "Oncobiologics is fortunate to have a strong, experienced partner like Huahai as we work to launch these biosimilar assets to the world's most important commercial markets."
Financial terms were not disclosed.
About Zhejiang Huahai Pharmaceuticals Co., Ltd.
Zhejiang Huahai Pharmaceuticals Co., Ltd. was founded in 1989, and the company's stock was successfully listed in Shanghai Stock Exchange in March, 2003. The company produces finished dosage forms, APIs (Active Pharmaceutical Ingredients) and intermediates for both domestic and international markets. With total assets of 3,200 million yuan, the company has 11 subsidiaries in the United States, Shanghai, Hangzhou, and Linhai. It occupies an area of 800,000 square meters, and has a staff of 3800. Huahai has been recognized as a National Key Hi-tech Enterprise, a National Pilot Enterprise of Innovation, a "State Certified Enterprise Technology Center" and is among China's top 500 private enterprises. For more information, visit: en.huahaipharm.com
About Oncobiologics, Inc.
Oncobiologics is a privately-held biopharmaceutical company developing a pipeline of biosimilars and next generation biotherapeutics focused on clinically validated targets in the therapeutic areas of oncology, immuno-oncology, and immunology. Formed by a team of leading industry experts from firms such as Eli Lilly, Bristol-Myers Squibb, Amgen, Genentech, Merck and Pfizer, Oncobiologics operates from a state-of-the-art 30,000 sq. ft. R&D facility in Cranbury, NJ. For more information, please visit www.oncobiologics.com
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SOURCE Oncobiologics, Inc.