EIRGENIX ACHIEVES THE THIRD MILESTONE OF ITS TRASTUZUMAB BIOSIMILAR LICENSING AGREEMENT
EirGenix Achieves The Third Milestone Of Its Trastuzumab Biosimilar Licensing Agreement
[Taipei, Taiwan] – After completion of its first and second licensing agreement milestones for its breast cancer biosimilar, EG12014 (Trastuzumab Biosimilar, also called EGI014), EirGenix, Inc. (6589.TT) has completed its third licensing agreement milestone today.
Earlier this year on March 25th, EirGenix had received its Last Patient In (LPI) of its 807-patient, multi-national phase III clinical trials for EG12014/EGI014 (Trial No.: EGC002).
In April, 2019, EirGenix signed a global licensing agreement with Sandoz AG, a global leader in generics and biosimilars. The licensing agreement authorized Sandoz AG to the exclusive commercial rights to EirGenix's EG12014 (Trastuzumab biosimilar, also called EGI014) in all markets except mainland China and Taiwan. The licensing agreement includes a signing fee and milestone payments, and additional royalty payment in the authorized markets after product launch. A signing fee was already received by EirGenix in June 2019. After achieving the first and second milestones of its licensing agreement with Sandoz AG on schedule, EirGenix has fulfilled the requirements of its third* milestone this September. The revenue from the milestone payment will be recognized in stages in accordance to standard accounting procedures and will serve to benefit the company's current operations and further development.
EirGenix is currently the first and only biopharmaceutical company in Taiwan to have successfully signed a licensing agreement with a global pharmaceutical company for a biosimilar in active development, while also retaining responsibility for production and rights to profit-sharing on sales in the territories. The collaboration between EirGenix and Sandoz AG leverages the combined strength of EirGenix's biosimilar medicine R&D and manufacturing capabilities together with Sandoz AG's substantial experience in global commercialization and market access capabilities. With such a positive outlook EirGenix hopes to fully meet its investors' expectations.