Because of high demand and heavily-regulated low supply, blood products in China are increasingly scarce and expensive to obtain.
Vanir Bio Pte, a Singapore-based company, has developed a biosimilar product equivalent to Novo Nordisk's NovoSeven® blockbuster – a coagulation factor VIIa recombinant.
Aware of the massive need for such products in China, XinTech and Vanir ventured into the local market to identify local players with the expertise and financial ability to support a project of such expansive scope.
One of the finalists identified was Chengdu Rongsheng Pharmaceuticals, a subsidiary of the state-owned giant Sinopharm.
Propelled by the market need, government support and the financial backing of its group, Rongsheng concluded a technology transfer agreement with Vanir which included a license of the biosimilar for the Chinese market, a collaboration in setting up a state-of-the-art manufacturing facility in China and an option to distribute the product to additional territories.
The agreement included substantial milestone payments as well as royalty payments from sales.« back