Nov. 26, 2012
Crown Bioscience will team up with Beijing Purunao Biotech Co. to develop small molecule drugs aimed at oncology targets. Crown Bio is a US-headquartered pre-clinical CRO specializing in cancer drugs with labs in China and the US; Purunao is a wholly-owned subsidiary of Sichuan Hengkang Development. The goal of the partnership is to develop and commercialize the drugs in China first and then take them to global markets. Crown Bioscience will receive an upfront payment for transferring its patents to the partnership and will also be given payments for attaining milestones.
The agreement framework determines CrownBio to be responsible for molecule identification and modification and the pre-clinical data, while Purunao will be in charge of clinical development in China. Global markets will be developed by CrownBio.