ALLSCHWIL, Switzerland, Sept. 29, 2020 (GLOBE NEWSWIRE) — Polyphor AG (SIX: POLN) today announced the closing of the previously announced exclusive licensing agreement with Fosun Pharma for balixafortide in China. As a result of closing the transaction, Polyphor received the agreed upfront payment of $15 million.
Under the terms of the agreement, Polyphor and Fosun Pharma will develop and commercialize balixafortide for the Chinese market with an initial focus on metastatic breast cancer. China is projected to be the second largest market globally for breast cancer treatments. Additional cancer indications and combination therapies will be evaluated jointly by the companies. Polyphor retains all rights to balixafortide outside of China.
In addition to the upfront payment, Polyphor is eligible for additional development milestone payments of up to $19 million, sales milestone payments of up to $148 million plus up to mid-teen royalties on net sales achieved in the territory.
Fosun Pharmaceutical AG is a wholly-owned subsidiary of Shanghai Fosun Pharmaceutical (Group) Co. Ltd (“Fosun Pharma”, stock code: 600196.SH; 02196.HK), a leading healthcare company in China. It is listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange.
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About Polyphor
Polyphor is a research-driven clinical-stage, Swiss biopharmaceutical company committed to discovering and developing first-in-class molecules in oncology and antimicrobial resistance leveraging the company’s leading macrocyclic peptide technology platform. Polyphor is advancing balixafortide (POL6326) in a Phase III trial in combination with eribulin in patients with advanced breast cancer and exploring its potential in other cancer indications. In addition, it has discovered and is developing the Outer Membrane Protein Targeting Antibiotics (OMPTA). OMPTA are potentially the first new class of antibiotics in clinical development in the last 50 years against Gram-negative bacteria. The company’s lead OMPTA program is an inhaled formulation of murepavadin for the treatment of Pseudomonas aeruginosa infections in patients with cystic fibrosis. Polyphor is based in Allschwil near Basel and is listed on the SIX Swiss Exchange (SIX: POLN). For more information, please visit www.polyphor.com.
Disclaimer
This press release contains forward-looking statements which are based on current assumptions and forecasts of the Polyphor management. Known and unknown risks, uncertainties, and other factors could lead to material differences between the forward-looking statements made here and the actual development, in particular Polyphor’s results, financial situation, and performance. Readers are cautioned not to put undue reliance on forward-looking statements, which speak only of the date of this communication. Polyphor disclaims any intention or obligation to update and revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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