Dec. 18, 2011
On December 19, 2011, Jiangsu Kanion Pharma announced that the company and its US subsidiary have transferred the global ex-China rights for three small molecule oncology drug candidates to a newly formed California startup, NewGen Therapeutics. NewGen has received exclusive global rights, excluding China, for the development, manufacturing and commercialization of three therapeutic programs targeting pan-ErbB, EGFR/Her-2, and PARP, respectively. In return, Kanion Pharmaceutical has taken a minority equity position in the privately financed startup, and will continue development of the compounds for the Chinese market. The two companies also plan to share data on the compounds' development.