Jan. 10, 2017
On January 10. 2017 KitePharma and Shanghai Fosun Pharmaceutical (Group) announced the formation of a joint venture to develop, manufacture and commercialize Kite’s axicabtagene ciloleucel in China with the option to include additional products, including two T cell receptor (TCR) product candidates from Kite.
The joint venture will be registered in Shanghai and owned equally by Kite Pharma and Fosun Pharma.
Under the terms of the agreement, Fosun Pharma will provide $20 million in funding to support clinical development and manufacturing activities while Kite will provide certain technical transfer services. Each party will share in any profits from the joint venture, with Kite Pharma receiving 40 percent and Fosun Pharma receiving 60 percent. Kite will also receive an upfront fee of $40 million , as well as regulatory and commercial milestones totaling $35 million and sales royalties for axicabtagene ciloleucel.