CRANBURY, N.J. and CAMBRIDGE, Mass., Nov. 6, 2012 /PRNewswire/ -- Oncobiologics, Inc. and Boston Oncology, LLC today announced a strategic partnership that will allow Boston Oncology to license, manufacture, and commercialize four of Oncobiologics' biosimilar therapies for cancer and immunological disease in the Middle East and North African (MENA) regions.
Under the agreement, Boston Oncology a pharmaceutical company that localizes advanced technologies and manufacturing expertise in the developing world will provide Oncobiologics with upfront licensing payments and development milestone payments, along with royalties after the medicines are commercialized. Boston Oncology plans to oversee clinical trials and the development of manufacturing facilities for these therapies in various MENA markets.
The four biosimilars under agreement are generic versions of the most popular therapies in the world for their indications, representing annual global revenue of more than $25 billion.
"This partnership represents a critical step in Boston Oncology's mission to provide people in emerging nations with cost-effective, locally-produced therapeutics for cancers and inflammatory diseases," said Boston Oncology Founder and CEO Abdullah Baaj, M.D., Pharm. D. "Oncobiologics has a rigorous R&D program that will allow us to bring biosimilar therapies to the Middle East and North Africa."
"We are thrilled to announce this strategic alliance with Boston Oncology, which represents the perfect partner for launching Oncobiologics' first four biosimilar molecules in the MENA region," said Pankaj Mohan, Ph.D., CEO of Oncobiologics. "Boston Oncology has built an innovative, forward-looking model that will bring affordable, therapeutically important medicines to emerging markets," he said.
Specific financial terms were not disclosed.
About Oncobiologics, Inc.
Oncobiologics is a biopharmaceutical company developing a pipeline of biosimilars and next generation biotherapeutics focused on clinically validated targets in the therapeutic areas of oncology, immuno-oncology, and immunology. Formed by a team of leading industry experts, Oncobiologics operates from a state-of-the-art R&D facility in Cranbury, NJ. Together with its biosimilars licensing partner, Parilis Biopharmaceuticals, Oncobiologics is actively pursuing commercial partnership opportunities. For more information, please visit www.oncobiologics.com or call 609-619-3990.
About Boston Oncology, LLC
Boston Oncology, LLC is a privately held company headquartered in Cambridge, Massachusetts, USA. Registered in 2012, Boston Oncology acquires, manages, and transfers intellectual property to locally produce generic chemotherapy and biologic pharmaceuticals in developing nations and emerging markets across the world. Visit www.bostononcology.com.
BUSINESS & TECHNICAL INQUIRIES
Stephen J. McAndrew, Ph.D.
609-619-3990, ext. 216
BOSTON ONCOLOGY, LLC
Zeshawn Beg, DBA, CMA
CFO, Boston Oncology, LLC