Fosun and Greek firm to develop 2 vital drugs in tie-up
Print Edition
Greek-Swiss pharmaceutical and clinical research group Sellas Clinicals Holding and Chinese pharmaceutical firm Fosun Pharma signed an agreement worth over US$500 million for the development and marketing of two drugs for treating diabetes and lung cancer in Athens on Wednesday.
It is the first time that Greek and Chinese scientists and companies are joining forces healthcare, starting with two promising drugs.
Under the agreement, Swiss-based Sellas, created by Greek scientist Angelos Stergiou, will pay Fosun Pharma’s drug discovery subsidiary, Fochon Pharma, 388 million euros (US$533.6 million) for the development of two novel molecules for diabetes (fotagliptin benzoate) and lung cancer (Pan-HER inhibitors) and to get them to the stage of health approval and commercialization for global market rights (except China).
Fochon-Fosun, an expert in drug discovery and one of the top five domestic pharmaceutical firms in China, will also get a 10 percent royalty on sales.
The global diabetes pharmaceutical market today is worth 25 billion euros, while lung cancer is the most common cause of death from cancer.
Under the current timetable, after the clinical trials in humans are completed successfully, the drugs could reach the market over the next five years.
Addressing the signing ceremony on Wednesday, representatives of the two companies and officials noted the project’s significance for scientific progress, for the benefit of patients, for the further economic development of the two firms and for the future of Sino-Greek collaboration.
“Today’s event is a very significant development. This is the first time that the two sides are working in the field of pharmaceutical developments, in the field of innovation, in the field of development for two very important drugs for the treatment of diabetes and lung cancer,” Chinese ambassador to Greece Du Qiwen said.
In his address Greek Deputy Minister of Development and Competitiveness Notis Mitarachis said the agreement paves the way for further joint projects among Greek and Chinese companies in the healthcare field and other sectors, in a crucial period for Greece as the country struggles to exit an acute financial crisis.
Commenting on the collaboration with Fosun Pharma, Sellas CEO and Chairman Stergiou told Xinhua: “Fosun and its subsidiary have two very critically important molecules for diabetes and lung cancer which we believe will be blockbuster drugs. They can penetrate into a market that is worth more than 50 billion euros.”
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