China biotech 3SBio said it has signed an exclusive licensing deal with South Korea's Alteogen for the development, manufacturing and marketing of ALT-P7, an antibody-drug conjugate used in cancer treatments, keeping it on a steady deal streak since a public relisting this summer.
The agreement covers mainland China, Hong Kong and Macau. Financial details were not disclosed but contain an upfront payment, milestones and royalties, 3SBio said in a release.
"This is our first collaboration with Alteogen," Jing Lou, chairman and CEO of 3SBio said in the release, adding that 3SBio is seeking regulatory approvals to move ALT-P7 into clinical trials in China.
Soon Jae Park, CEO of Alteogen, said in the release that "ALT-P7 is a novel ADC with great potential to treat refractory tumors. We are looking forward to working with (3sBio) to develop this drug in China, so that tens of thousands of patients suffering for cancers can benefit from this drug candidate."
3SBio was started in 1993 and produces, among others products, TPIAO, a recombinant human thrombopoietin and EPIAO, a recombinant human erythropoietin. 3SBio has 8 other products in nephrology, oncology and other therapeutic areas.
In 2012, the firm moved to delist from the U.S. and go private. However, in June of this year, 3SBio raised $710 million in an initial public offering on the Hong Kong Stock Exchange after it left the Nasdaq in 2013 and went private under a $370 million deal done by a consortium led by CEO Jing Lou and investment firm Citic Private Equity.
In July, 3SBio bought small molecule maker Zhejiang Wansheng Pharma for RMB528 million ($85 million), which followed a June deal for ex-China rights to Apexigen's anti-TNF monoclonal antibody technology, adding to mainland rights held since 2006. The candidate, SSS07, has demonstrated higher potency than the best-known available TNF inhibitors, including adalimumab and infliximab, in preclinical testing, according to a press release at the time.
- here's the release