TELETRADER News
4/30, 9:11 AM (Source: TeleTrader)
more TeleTrader news

Novartis-0.73%

85.51
Chart for: NOVARTIS N

Novartis partners with EirGenix in cancer treatment

Swiss pharmaceutical giant Novartis AG's Sandoz division reached a deal with Taiwan's EirGenix Inc. to commercialize a trastuzumab biosimilar, cancer medicine in Phase 3 of clinical development, the company announced on Tuesday. While EirGenix will be responsible for product development and manufacturing, Sandoz will market the medicine everywhere except China and Taiwan.

According to the agreement, EirGenix will receive payments and has the right to profit share for sales payments. Meanwhile, the partnership will allow Sandoz to expand its oncology portfolio and strengthen its hospital presence.

"Every year, approximately 300,000 people worldwide are diagnosed with HER2-positive breast cancer, which tends to spread more quickly than HER2-negative tumors, making swift treatment important... Introducing biosimilars can help create earlier and expanded access to this important medicine, which is why I am so excited about the potential for this collaboration," Sandoz Biopharmaceuticals chief Stefan Hendriks commented.

Breaking the News / SS