Innovent Biologics, Inc. a world-class biopharmaceutical company that develops, manufactures and commercializes high-quality medicines for the treatment of cancer, metabolic, autoimmune and other major diseases, announced an agreement with PT Etana Biotechnologies Indonesia (Etana) to out-license BYVASDA (Bevacizumab Biosimilar)’s development and commercialization rights in Indonesia to Etana. Etana is committed to launch BYVASDA in the local market. In return, Innovent will receive milestones for development and commercialization as well as double-digit royalties on net sales. The specific financial terms were not disclosed.
BYVASDA®(Bevacizumab Biosimilar) was firstly approved by China NMPA on June 17, 2020. In January 2020, Innovent entered into an out-license agreement with Coherus BioSciences, Inc. to commercialize BYVASDA® (Bevacizumab Biosimilar) in the United States and Canada.
“We are excited to establish a strategic collaboration with Etana. Following BYVASDA® (Bevacizumab Biosimilar)’s breaking into the North America market in 2020, this collaboration will enable BYVASDA® to penetrate into a Southeast Asian market quickly and marked another solid step toward getting Innovent’s innovative portfolio into the global market,” said Blake Salisbury, Vice President of Business Development of Innovent, “We are confident that pairing Etana’s commercial expertise in the local Indonesian market with BYVASDA’s clinical profile will further accelerate our mission, benefitting patients globally.”
Mr. Nathan Tirtana, Co-founder and CEO of Etana, stated: ” We are excited to enter into the collaboration with Innovent, a premier biopharmaceutical company which has a fully-integrated multi-functional platform. We have been impressed with Innovent’s achievements in its innovation and globalization strategies. Through this collaboration, we hope to make BYVASDA accessible to patients in Indonesia.”
This transaction is subject to customary closing conditions.