Richter buys in trastuzumab biosimilar from DM Bio

Gedeon Richter (RICHT: HB) has signed a technology transfer and license-in agreement with DM Bio for the development and commercialization of DM Bio's biosimilar monoclonal antibody, trastuzumab, the active ingredient of Swiss pharma giant Roche’s (ROG:SIX) cancer drug Herceptin.

According to the agreement, Richter, Hungary’s largest drugmaker, receives exclusive distribution rights for Europe, the CIS region and Latin American countries and it also obtains the pilot technology for further development.

Under the terms of the agreement Richter will make an upfront payment upon signature of the contract and further milestone payments will be made depending on the progress of the technology transfer and clinical program of the product. In addition, further sales related royalties will become payable to DM Bio subsequent to the launch of the product.