Sorrento Therapeutics, Inc. (NASDAQ: SRNE; Sorrento) announced today that it has entered into an exclusive licensing agreement to develop and commercialize multiple prespecified and undisclosed biosimilar or biobetter antibodies from Mabtech Limited, a holding company for premier antibody development and manufacturing companies in China.
Under the terms of the agreement, Sorrento will develop and market these 4 monoclonal antibodies (mAbs) for the North American, European and Japanese market. Each of the mAbs has completed a Phase III study; two are currently in registration for marketing approval in China, while the other two are under data analyses for subsequent NDA submission in China. One of the biobetter mAbs is based on a Top 10-selling oncology drug and the other a Top 5-selling antibody to treat auto-immune diseases. Together these 4 mAbs target an established market with combined annual global sales in 2014 in excess of $13 Billion. Based on a study by GBI Research[1] the global biosimilar market could reach an estimated $55 Billion by 2020.
"Combining our expertise in immunotherapy and drug development with Mabtech's experience in antibody development and commercial cGMP manufacturing positions the two companies well to increase access worldwide to biosimilars and improve global human health," said Dr. Henry Ji, President and Chief Executive Officer at Sorrento. "We look at this collaboration as a transformational event for Sorrento and are excited about its potential to complement our expanding and deep internal biologics portfolio. With this exclusive license agreement, Sorrento takes a significant step toward becoming a major player in the biopharmaceutical industry."
"We welcome the opportunity to work with Sorrento Therapeutics to bring our antibody products to a global market beyond the Greater China territory. During our discussions with the Sorrento team it became apparent that Sorrento is committed to be a leader in the antibody immunotherapy space," added Mr. Zhen Jiao, Chairman of Mabtech and Chief Executive Officer of CDH Investments, the top private equity fund in Asia with more than $10 billion under management. "We believe that, together with Sorrento's strong commitment and our vast resources, we will be able to provide much needed immunotherapies to patients and healthcare providers worldwide in an expedited and efficient manner."
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