On December 15, 2020 Allogene Therapeutics, Inc. (Nasdaq: ALLO), a clinical-stage biotechnology company pioneering the development of allogeneic CAR T (AlloCAR T) therapies for cancer, and Overland Pharmaceuticals ("Overland"), a premier biopharmaceutical company backed by Hillhouse Capital, reported the formation of Allogene Overland Biopharm (Allogene Overland) (Press release, Allogene, DEC 15, 2020, View Source [SID1234572962]). The joint venture will focus on the development, manufacturing and commercialization of AlloCAR T therapies for patients in greater China, Taiwan, South Korea and Singapore. Allogene Overland will have an exclusive license to develop, manufacture and commercialize specific Allogene candidates targeting BCMA, CD70, FLT3, and DLL3 in the licensed territories. The joint venture will also seek opportunities to advance the global development of AlloCAR T therapies against these targets.
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
"We are excited to be the first allogeneic cell therapy company to establish a joint venture in China dedicated to making the potential benefits of an off-the-shelf cell therapy available to patients in China and other Asian Pacific markets," said David Chang, M.D., Ph.D., President, Chief Executive Officer and Co-Founder of Allogene. "We’re looking forward to joining forces with Overland to build a leading cell therapy company focused on helping to accelerate the development of AlloCAR T therapies for blood cancers and solid tumors."
"Overland has a strong operational presence in China backed by the Hillhouse Capital global biopharmaceutical ecosystem. Combined with Allogene’s domain expertise, this positions Allogene Overland Biopharm to bring these important new therapies to patients and physicians fighting cancer across Asia and around the world," said Hua Mu, M.D., Ph.D., Co-Founder, Interim Chief Executive Officer and Chief Medical Officer of Overland Pharmaceuticals.
"Allogene has an established track record of success in the design, manufacture and development of innovative cell therapies," added Ed Zhang, M.B.A., Co-Founder, Chief Operating Officer and Chief Business Officer of Overland Pharmaceuticals. "Together, we establish a broad strategic partnership and will jointly move forward the development and global expansion of this cutting-edge technology platform."
Under the terms of the agreement, Allogene Overland will receive an exclusive license to AlloCAR T candidates directed at four targets, BCMA, CD70, FLT3, and DLL3, in the licensed territories. Overland will invest $117 million in capital, which includes an upfront payment of $40 million to Allogene and $77 million in capital to support joint venture operations. Overland and Allogene are the sole equity holders in Allogene Overland. Allogene will be eligible to receive a milestone payment per product for each first regulatory approval in China, as well as tiered royalties on net sales. Overland will provide development and operational support while Allogene will provide technical and manufacturing expertise. Allogene Overland will be governed by a Board of Directors with equal representation from Overland and Allogene.
Allogene has an exclusive license to the Cellectis technology for its allogeneic products and holds all global development and commercial rights for these investigational candidates.