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Formycon AG signs licensing agreement for its FYB203 biosimilar

Formycon AG / Key word(s): Miscellaneous

28.05.2015 07:02

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- Second biosimilar drug to be out-licensed from Formycon product pipeline

- Important milestone strengthens position as world's leading independent
biosimilars developer

- Formycon to receive success-based payments in the triple-digit millions
of euros

Munich - Formycon AG has announced the signing of an exclusive, global
out-licensing deal for its FYB203 biosimilar drug, with Santo Holding GmbH
as licensing partner. The newly signed agreement will ensure that Formycon
has project funding in place all the way through to market introduction.

Under the agreement, Santo Holding will assume responsibility for, and the
costs of, all further development activities, production and marketing of
the Formycon biosimilar drug. In return, Santo Holding will receive
exclusive worldwide marketing rights for FYB203. Pharmaceutical product
development through to regulatory approval will remain in the hands of
Formycon, while clinical development will be carried out by Bioeq GmbH,
which manages biosimilar product development activities on behalf of Santo
Holding. Under the terms of the new agreement, Formycon will receive an
immediate payment in the amount of several millions, along with ongoing
payment for its product development activities through to regulatory
approval. The company will, in addition, participate in sales revenue once
the project is brought to market, receiving a percentage share in the low
double digits. Based on sales projections, the agreement is thus expected
to yield Formycon total cumulative revenue well over the hundred million
euro mark.

"The signing of this important deal marks a further milestone for our
company as well as a major success for our entire team as we work to expand
our pipeline of biosimilars for the global market," declared Dr. Carsten
Brockmeyer, CEO of Formycon AG. "We are immensely pleased to have found
Santo Holding as a strong, ideal partner for our first two projects. Over
the past years, we have driven our company forward through our commitment
to investment in long-term research - and this is a strategy which we will