Wednesday, October 24, 2018
CANbridge Pharmaceutical Inc., a biopharmaceutical company developing innovative drug candidates to treat underserved medical conditions in China and other markets, and WuXi Biologics (2269. HK), a leading global open-access biologics technology platform company offering end-to-end solutions for biologics discovery, development and manufacturing, jointly announced today a strategic partnership to enable CANbridge to develop and commercialize a portfolio of biotherapeutics for the treatment of rare diseases. This partnership leverages WuXi Biologics' drug discovery, development and manufacturing capabilities and CANbridge's clinical, regulatory and commercial leadership.
This agreement builds on years of new product discovery capabilities established at WuXi Biologics, and the CANbridge team's years of experience with orphan drug approval processes. As a result, CANbridge expects to file the first Investigational New Drug (IND) application in a rare disease in China with the lead candidate from this program in 2019. CANbridge may also develop these therapeutics on a global basis going forward under an exclusive licensing agreement. WuXi Biologics is expected to receive upfront payments, milestone payments and royalties on global sales for these programs.
"This historic partnership marks a watershed event in the development of therapeutics for patients with rare diseases," said James Xue, PhD, Founder, Chairman and CEO, CANbridge Pharmaceutical Inc.."We believe it is a perfect marriage between two forward-thinking organizations and has the potential to change the world of rare disease dramatically in China, as well as globally."
"There are huge unmet medical needs in China regarding rare disease diagnosis and treatment," said Dr. Chris Chen, CEO of WuXi Biologics. "I am thrilled that CANbridge will be a trailblazer in this exciting field in China. Being globally recognized for leading technical capabilities, and unparalleled capacities in biologics discovery, development and manufacturing, we are excited to enable CANbridge to become a leader in rare diseases and to collaborate with them to bring the much-needed treatments to Chinese patients."