AKSO Biopharmaceutical Inc., a global pharmaceutical company with an innovative approach to cancer treatment, is partnering with Hangzhou Zhongmei Huadong Pharmaceutical Co., Ltd, to develop and sell AB002 in the Pacific Asia region.
AB002 is a medication designed to help treat cancer patients by destroying solid tumors, according to a Feb. 9 press release. The collaboration allows AKSO to use Huadong's experience with clinical development and regulatory approval to tap into the world's second-largest pharmaceutical market.
“The strategic collaboration is an important milestone for AB002 as Huadong Medicine’s expertise and experience in drug development, and mature clinical and sales network will enable us to become the first to market in the critical region,” Amato Giaccia, the senior scientific strategist and chairman of AKSO, said in the release.
The roll-out of AB002 will bolster Huadong's portfolio and help cement it as the premier pharmaceutical company in the region, the release stated.
“AKSO Biopharmaceutical is a promising biopharmaceutical company innovating to treat cancer,” Dongzhou Liu, chief scientific officer of Huadong Medicine, said in the release. “AB002, which is a dual-target bi-specific fusion protein, represents the addition of an exciting cancer immunotherapy asset to Huadong Medicine’s increasing cancer therapy pipeline.”
The cancer patient population is substantial and AB002 offers hope to many, he added.
“We will work closely with AKSO Biopharmaceutical to accelerate the development of AB002 to benefit the cancer patients all over the world,” Liu said.
According to the agreement, AKSO will be eligible to receive payments of up to $75 million in addition to royalties from future product sales, the release stated.
Huadong, with operations based in China, will be responsible for regulatory submissions, clinical developments, and the project's commercialization, according to the release. AKSO will be responsible for the development of AB002 in locations outside Asia.