Mycenax Announces the Sale of LusiNEX to Gedeon Richter
A Strategic Transformation to Fully Focus on the Prospective CDMO Business
TAIPEI Taiwan - April 28, 2020 - Mycenax Biotech Inc. (Mycenax, TWO:4726) announced today (4/28) that it has entered into an agreement with Gedeon Richter Plc (Gedeon Richter; FRA:RIG2), to sell the LusiNEX project, including cell banks, CMC technology, intellectual properties, and clinical trial results to Gedeon Richter for a total of USD 16.5 million. Mycenax has received a payment of USD 2 million from Gedeon Richter for exclusive negotiation right and will receive additional USD 3 million as the signing fee. Mycenax will receive additional payments as it completes the stages of asset transfer. This transaction will provide the company a strong cash position for operation and facility expansion which further strengthen Mycenax’s capacities in CDMO business.
Chairman of Mycenax, Mr. Jung-Chin Lin, states “Making a successful deal with Gedeon Richter demonstrated that Mycenax has the technological capability and regulatory expertise to develop biologic products. Mycenax decided to focus on biologics CDMO business in 2019 and made several strategic implementations since then. The effect of the transformation has manifested gradually as the resources become available. Specialized in offering greater speed-to-market, efficient processes, and affordable costs, Mycenax will gain a foothold in the global CDMO market and become one of the best CDMO companies in Asia.
Pei-Jiun Chen, Ph.D., CEO of Mycenax, indicates “Gedeon Richter, known for its capabilities in drug development and marketing, showed great interest and high confidence in LusiNEX. We are pleased and proud of the team’s hard work to achieve the successful transfer to one of the top pharmaceutical companies in the world. We sincerely believe that under Gedeon Richter, LusiNex will enter Phase 3 trial and receive market approval in a short time to bring benefits to the patients. Mycenax has invested in LusiNEX developments since 2013. The technologies and experiences accumulated from the successful development of LusiNEX have served as Mycenax’s foundation for expanding the CDMO business.”
LusiNEX is a biosimilar product of Actemra®/ RoActemra®, a Roche product prescribed as a second line treatment for rheumatoid arthritis with global sales of USD 2.4 billion. Recently, under the crisis of COVID-19 pandemic, there are cases indicating the potential therapeutic effect of Actemra® on COVID-19 patient, and the US FDA has approved Roche’s phase 3 trial to investigate its clinical effect. Mycenax has completed the Phase 1 trial of Lusinex in 2018 and demonstrated its bioequivalence to Actemra®. Following Mycenax’s transformation strategy focusing on the CDMO business, the company has actively engaged with prospects since 2019 and formed an asset purchase agreement with Gedeon Richter, Hungary’s leader in biosimilars.
About Gedeon Richter Plc.
Gedeon Richter, headquartered in Budapest, Hungary, is one of the top 100 global pharmaceutical companies. The company continues to expand its operations despite direct sales channels in Western Europe, China, and Latin America. Market value in 2019 is approximately USD 4.1 billion while the consolidated sales totaled up to USD 1.7 billion. Gedeon Richter formed a joint venture with Helm AG in Germany, Richter-Helm Biologics, to cover research and development, manufacturing and commercialization in the biotech sector; the company is also vigorously involved in the development of biosimilars. Products launched by Richter include BEMFOLA (biosimilar r-hFSH) and TERROSA (biosimilar teriparatide); pegfilgrastim and denosumab are still under development.