Destiny Pharma said on Friday that its development and commercialisation collaboration agreement with CMS Medical Venture Investment Limited, a wholly owned subsidiary of China Medical System Holdings Limited, has been finalised and signed.
Under the final terms of the agreement, Destiny Pharma will collaborate with CMS, who will have the full rights in China and certain other Asian countries (excluding Japan), to enable the development and commercialisation of the Company’s pipeline of drug candidates in the region. The parties will coordinate and share data from their respective clinical studies and Destiny Pharma will benefit from CMS investment in developing the Company’s assets in China. Destiny Pharma will also receive a future commercial milestone based on the achievement of sales milestones by CMS and make a manufacturing margin on any product the Company supplies.
Neil Clark, Chief Executive Officer of Destiny Pharma, said:“We are pleased to have now finalised and signed this development and commercialisation agreement with China Medical Systems. As a specialty pharmaceutical company based in China, CMS is the ideal strategic partner to help us advance our platform and commercialise potential products in this important region. We look forward to working closely with CMS, in particular, Dr Huaizheng Peng as our newly appointed Non-Executive Director who has a wealth of experience within the global life sciences sector.”