Published on February 12, 2010 at 12:28 AM
3SBio Inc. (Nasdaq:
SSRX) ("3SBio" or "the Company"), a leading China-based biotechnology company
focused on researching, developing, manufacturing and marketing
biopharmaceutical products, and Ascentage Pharma Group Corporation, Ltd.
("Ascentage Pharma") announced today that they have formed a strategic
alliance to research, develop and commercialize best-in-class targeted cancer
therapeutics focusing on programmed cell death, or apoptosis. The alliance
will leverage Ascentage Pharma's expertise in structure-based small molecule
design, lead optimization and preclinical development with 3SBio's proven drug
development and commercialization capabilities in China.
Under the terms of the agreement, 3SBio will make a US$3 million equity
investment in Ascentage Pharma. The investment will be used to fund Ascentage
Pharma's R&D programs. 3SBio will have the exclusive right to develop and
commercialize cancer therapeutics in China that are discovered through
Ascentage Pharma programs, while Ascentage Pharma will retain the rights to
the rest of the world and receive future milestone and royalty payments from
any sales by 3SBio in China.
"The collaboration with Ascentage Pharma represents a key strategic
initiative for 3SBio to develop our pipeline in the area of cancer
therapeutics," said Dr. Jing Lou, CEO of 3SBio. "This investment allows 3SBio
to gain access to the best external science and small molecule drug discovery
platform in China."
"Apoptosis targeted small molecule has the potential to play a key role in
the next generation of highly effective targeted cancer drugs," said Dr. Dajun
Yang, CEO of Ascentage Pharma. "We believe that this 'win-win' collaboration
will generate innovative medicines that benefits patients worldwide."
SOURCE 3SBio Inc.