PRINCETON, N.J., July 25, 2011 /PRNewswire/ -- Laureate Biopharmaceutical Services, Inc., a full-service biopharmaceutical contract development and manufacturing organization, today announced that they have entered into a multi-year development and manufacturing agreement with a leading generic pharmaceutical company to produce a biosimilar product. Laureate's services will include transfer of the manufacturing process to Laureate and cGMP manufacture of this product for clinical trials through 2013. The agreement includes a customer option for long-term commercial supply. Laureate expects to supply the first batch of clinical product during the first half of 2012. Terms of the manufacturing agreement were not disclosed.
"Biosimilars are the immediate growth engine of the generic industry and we are pleased to be working with one of the leading generic companies in the world on this product," said Michael A. Griffith, CEO of Laureate Biopharma. "Manufacture of biosimilars is one natural extension of Laureate's existing portfolio of contract manufacturing services and represents a key strategic step for the company."
Biosimilars are subsequent versions of recombinant therapeutic innovator products manufactured and sold by a different corporate sponsor following expiry of patent exclusivity for the innovator product. With many innovator biopharmaceutical products going off patent in the next 5-10 years, there is an industry-wide effort to develop corresponding biosimilars. The U.S. FDA was given the authority to approve biosimilars within the Patient Protection and Affordable Care Act of 2010, following similar approvals in the European Union.
About Laureate Biopharmaceutical Services, Inc.
Laureate Biopharmaceutical Services, Inc. is a full-service biopharmaceutical contract development and manufacturing organization. Laureate Biopharma's scientists are expert in process development and cGMP production of therapeutic proteins including monoclonal antibodies and Fc-fusion proteins. In addition, the company's portfolio of services includes aseptic filling, cell line development, analytical and stability testing, and regulatory support. Laureate Biopharma has served a global client base from its Princeton, New Jersey facility since 1981 and is a portfolio company of Saints Capital, LLC. For more information, please visit www.LBioS.com.
About Saints Capital, LLC
Saints Capital is a leading direct secondary acquirer of venture capital and private equity investments in emerging growth companies around the globe. It also makes traditional direct venture capital investments on a primary basis and in special situations in technology, healthcare, consumer and industrial companies in the United States. Founded in 2000, Saints provides liquidity for private investors in such markets as investment and commercial banks, buyouts, corporate venture capital and hedge funds. Saints has more than $1 billion of committed capital under management, over 50 completed portfolio transactions and investments in more than 200 companies. For more information, please visit www.saintsvc.com.
SOURCE Laureate Biopharmaceutical Services, Inc.