March 4 (Reuters) – Hong Kong-listed Sino Biopharmaceutical said on Wednesday its unit has signed an exclusive global licensing deal with French drugmaker Sanofi worth up to $1.53 billion, giving the European pharma giant rights to a blood cancer drug that won Chinese regulatory approval last month. Under the agreement, Sino Biopharmaceutical’s subsidiary Chia Tai […]
Health
Sino Biopharm unit licenses blood cancer drug to Sanofi for up to $1.53 billion
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March 4 (Reuters) – Hong Kong-listed Sino Biopharmaceutical said on Wednesday its unit has signed an exclusive global licensing deal with French drugmaker Sanofi worth up to $1.53 billion, giving the European pharma giant rights to a blood cancer drug that won Chinese regulatory approval last month.
Under the agreement, Sino Biopharmaceutical’s subsidiary Chia Tai Tianqing Pharmaceutical Group will grant Sanofi an exclusive worldwide licence to develop, manufacture and commercialise rovadicitinib, receiving an upfront payment of $135 million.
The company is also eligible to receive potential development, regulatory and sales milestone payments of up to $1.40 billion.
Rovadicitinib is an oral drug that simultaneously targets inflammation and tissue scarring, two hallmarks of the diseases it is designed to treat.
It belongs to a class of drugs known as JAK/ROCK inhibitors, which work by blocking enzymes that drive both processes.
The deal is subject to customary closing conditions, including regulatory clearances, Sino Biopharmaceutical said.
(Reporting by Shivangi Lahiri in Bengaluru; Editing by Tasim Zahid)