•Novel Anti-tumor Immune Redirection Virus-inspired Particle (AIR-ViP) cancer immunotherapies initially to be developed by VerImmune Inc. •Fosun Pharma to lead clinical development and commercialization in Chinese Mainland , Hong Kong and Macau Special Administration Region and Taiwan Region. •For the current AIR-ViP product candidate, VERI-101, VerImmune is eligible for up to $125M in total milestone payments plus tiered royalties up to the low double digits on net sales in the specified territories. •VerImmune is also eligible for significant additional milestone payments and tiered royalties subject to Fosun Pharma's exercise of its option to select other AIR-ViP product candidates.
WASHINGTON, May 20, 2022 /PRNewswire-PRWeb/ -- VerImmune Inc. ("VerImmune"), a privately-held biotechnology company developing a novel therapeutic virus-inspired particle (ViP) modality that redirects the body's pre-existing immunity against viral pathogens to attack cancer, and Fosun Pharma USA, the US based subsidiary of Shanghai Fosun Pharmaceutical (Group) Co., Ltd. ("Fosun Pharma"), a leading global pharmaceutical and healthcare provider headquartered in China, announced today that the companies have entered into an Exclusive License and Option agreement effective May 18th,2022.
Under the terms of the agreement, VerImmune has granted Fosun Pharma an exclusive license to VerImmune's lead AIR-ViP product candidate, VERI-101, with an option to license certain potential future AIR-ViP products arising from the development of VerImmune's pipeline for the territory of Chinese Mainland , Hong Kong and Macau Special Administration Regions and Taiwan Region. Fosun Pharma will be responsible for all clinical development and commercialization in these territories. VerImmune is eligible to receive up to $125M in total milestone payments plus tiered royalties up to the low double digits on net sales of VERI-101 in specified territories. Subject to Fosun Pharma's exercise of its option to select future AIR-ViP product candidates, VerImmune is eligible to receive additional milestone payments and royalties on net sales for each additional product candidate.
"Cancer is a global unmet medical need and thus we are very excited to be working with the Fosun Pharma companies to bring our novel lead AIR-ViP immunotherapeutic products to China. Fosun Pharma has both the expertise and access to reach these fast-growing markets We hope to benefit more Chinese patients and the region through our cooperation " said Joshua Wang, Ph.D., VerImmune Founder and CEO.
VerImmune's core technology is an innovative Virus-inspired Particle (ViP) platform technology that can be used as a delivery system to attack cancer. Building upon this highly adaptable ViP platform, VerImmune has developed a First-in-Class novel therapeutic strategy called "Anti-tumor Immune Redirection" (AIR). This approach uses the ViP platform (now termed AIR-ViP) to redirect natural pre-existing immunity from past viral infections or childhood vaccinations to target cancer.
"The field of tumor immunotherapy is the frontier of current biomedical research, and it is also one of the key directions of Fosun Pharma's strategic layout. We are pleased to partner with VerImmune to bring such a promising immunotherapy to China, and hope the cutting-edge biotherapeutic technologies and products can benefit more patients in China " commented Wu Yifang, Chairman and CEO of Fosun Pharma. "
VerImmune is an early-stage biotechnology company developing a first-in-class cancer therapy known as Anti-tumor Immune Redirection (AIR). This strategy utilizes a proprietary wholly owned virus-inspired particle (ViP) platform that redirects pre-existing pathogenic or childhood vaccine immune memory towards tumors. This unique mechanism of action allows differentiation within the competitive Immuno-Oncology market. Importantly, it potentially changes the treatment paradigm for many patients who have un-treatable cancers due to limited options or resistance.
For more information visit: http://www.verimmune.com
About Fosun Pharma
Founded in 1994, Shanghai Fosun Pharmaceutical (Group) Co., Ltd. ("Fosun Pharma"; stock code: 600196. SH, 02196. HK) is a global innovation-driven pharmaceutical and healthcare industry group deep-rooted in China. Fosun Pharma directly operates businesses including pharmaceutical manufacturing, medical devices, medical diagnosis, and healthcare services. As a shareholder of Sinopharm Co., Ltd., Fosun Pharma expands its areas in the pharmaceutical distribution and retail business.
Fosun Pharma is patient-centered and clinical needs-oriented. The company enriches its innovative product pipeline through diversified and multi-level cooperation models such as independent research and development, cooperative development, license-in, and in-depth incubation. Fosun Pharma has formed technological platforms for innovative small molecule drugs, antibody drugs, and cell therapy with a focus on key disease areas including oncology and immunomodulation, metabolism and digestive system, and central nervous system. Fosun Pharma also vigorously explores cutting-edge technologies, such as RNA, oncolytic viruses, gene therapy and PROTAC, to enhance its innovation capabilities.
Guided by the 4IN strategy (Innovation, Internationalization, Integration, and Intelligentization), Fosun Pharma will uphold the development model of "innovation transformation, integrated operation, and steady growth", with the mission of creating shareholder values as well as promoting the global networks through strengthening its innovative R&D and in-licensing ability and enriching its product pipelines. Fosun Pharma will actively promote the digital and physical business layout in the pharmaceutical and healthcare industry and is committed to becoming a first-class enterprise in the global mainstream medical and health market.
For more information, please visit our official website: http://www.fosunpharma.com.
Joshua Wang, VerImmune, +1 4434498836, [email protected]