SHANGHAI, Dec. 28, 2018 /PRNewswire/ -- InventisBio (Shanghai) (hereinafter referred to as "InventisBio") announced today that it has signed a "Collaboration Agreement" with Betta Pharma (hereinafter referred to as "Betta Pharma"). Under this agreement, InventisBio will out-license D-0316's right in China (including mainland China, Hong Kong and Taiwan) to Betta Pharma and to co-develop this drug in China. Betta Pharma will have the exclusive commercialization rights of D-0316 product in China.
D-0316 is a third-generation EGFR-T790M tyrosine kinase inhibitor discovered and developed independently by InventisBio. It is mainly used for the treatment of EGFR-mutant non-small cell lung cancer. The drug is currently in phase I clinical trial in China. Betta Pharma will pay upfront and R&D milestones to InventisBio totaling 230 million RMB. After the product is marketed commercially, Betta Pharma will pay various sales milestones and tiered royalties based on annual sales.
Dr. Yaolin Wang, Chairman and CEO of InventisBio, said: "We are excited to work with Betta Pharma, a leader in oncology drug in China. Working together, we will speed up the development and market approval of D-0316 to meet the growing needs of lung cancer patients".
Dr. Lieming Ding, Chairman and CEO of Betta Pharma, said: "We are pleased to work with InventisBio, a leader in oncology drug innovation. The collaboration will broaden the coverage of Betta Pharma's capabilities in lung cancer treatment."
InventisBio is a fast growing, clinical stage biotech company founded in Shanghai Pudong Drug Valley in 2013, dedicated to the discovery and development of novel therapeutics against cancer and metabolic diseases. In addition to D-0316, the company has two drugs in phase 1 clinical trials for breast cancer and gout in the US and China. InventisBio is also developing novel targeted immuno-oncology therapies. InventisBio received angel investment from Beautiful Mind Capital in 2013, and $6M series A financing led by Lilly Asia Venture with participation from SinoPharm Capital in 2016. In 2017, OrbiMed led the $19M Series B financing with participation from Lilly Asia Venture.
About Betta Pharmaceuticals Co., Ltd.
Betta Pharmaceuticals Co., Ltd. (SZ300558), established in 2003 in Hangzhou, China, is one of the leading Chinese pharmaceutical companies dedicated to develop and commercialize innovative oncology products to meet high unmet medical needs. With over 1,300 employees in Hangzhou and Beijing, China, Betta's development capabilities range from small molecule and biologics discovery, clinical development, registration, manufacturing, sales and marketing. Betta's leading product – icotinib (Conmana®), the first innovative oncology product developed and commercially launched by a Chinese pharmaceutical company – is the No.1-selling targeted therapy treating non-small cell lung cancer patients carrying EGFR mutations in China, having achieved 1.03 billion RMB annual sales in 2017. Betta currently has two programs under NDA review by the NMPA, three programs under late-stage clinical development, two programs under proof-of-concept clinical development, three programs under IND review by the NMPA and close to twenty programs under pre-clinical development. Betta has set up joint ventures with Amgen Inc. (AMGN) and Tyrogenex Inc. and is the majority shareholder of Xcovery LLC. For additional information, please visit http://en.bettapharma.com
SOURCE: InventisBio Inc.