Pfenex out-licenses biosimilar version of Forteo in Asia

USA-based Pfenex (NYSE: PFNX) has granted the China NT Pharma Group (HKG: 1011) non-exclusive development and exclusive commercialization rights to PF708, a teriparatide therapeutic equivalent candidate to pharma major Eli Lilly’s (NYSE: LLY) osteoporosis drug Forteo, in Mainland China, Hong Kong, Singapore, Malaysia and Thailand.

Under the terms of the deal, Pfenex received a payment of $2.5 million on signing of the agreement and may be eligible to receive additional payments of up to $22.5 million based on the achievement of certain development, regulatory, and sales-related milestones. Pfenex may also be eligible to receive double-digit royalties on net product sales.  NT Pharma will be responsible for any further development required to achieve regulatory approval as well as commercialization activities in the territory.

"This agreement will expand NT Pharma's orthopedic product portfolio which currently includes Miacalcic [salmon calcitonin] franchise acquired from Novartis. The collaboration with Pfenex will leverage the strengths and resources of both companies to accelerate the development and commercialization of the product," said Ng Tit, NT Pharma chairman and chief executive, adding "This partnership will open further discussion on potential partnering for other Pfenex pipeline product candidates."