Quantum Genomics, a biopharmaceutical company specializing in the development of first-in-class drugs directly targeting the brain to treat complex/resistant hypertension, has announced the signing of an exclusive license and production agreement with Julphar to market and produce firibastat in the Middle East, all African countries, Commonwealth of Independent States (CIS) and Turkey.
A pharmaceutical company based in the United Arab Emirates and leader in the MENA (Middle East North Africa) region, Julphar will receive exclusive rights to manufacture and market firibastat in the following geographic areas: the MENA1 region, CIS2, Turkey and all other countries on the African continent.
With its state-of-the-art manufacturing facilities in the emirate of Ras Al Khaimah, making it possible to mass produce firibastat, Julphar will also be Quantum Genomics’ exclusive supplier for said regions.
Quantum Genomics will receive up to $20M in upfront, development and sales milestone payments as well as royalties on future firibastat sales.
Julphar has also pledged to invest $2M in Quantum Genomics through a private placement. Details of the transaction will be announced shortly.
“Julphar, which was founded forty years ago, is one of the largest pharmaceutical companies in the MENA region. Its success has been built on its comprehensive portfolio including anti-infectives, dermatology and diabetes products and its presence in all key MENA markets. Its business is expanding fast, and cardiology is one of its key areas of investment. Julphar is also among the region’s largest producers and is the ideal partner to support firibastat’s future production needs. We’re already exploring how Julphar could meet some of those requirements for the United States and Europe,” said Jean-Philippe Milon, CEO of Quantum Genomics.
Commenting on the agreement, Dr. Essam Mohammed, Julphar’s CEO said: “Julphar is delighted to partner with Quantum Genomics to commercialize firibastat, a first in class molecule to treat resistant and difficult-to-treat hypertension, and to produce it in our state-of-the-art manufacturing facilities in Ras Al Khaimah. We are confident that firibastat will add strong value to the treatment of this unmet medical need and to Julphar’s portfolio.”
Dr. Essam Mohammed added: “The new landmark agreement brings together a stronger focus on innovative ways to address critical diseases in the MENA region through manufacturing high-quality medications locally.”