TORONTO and SHANGHAI, Feb. 9, 2021 /PRNewswire/ -- Antibe Therapeutics Inc. (TSX: ATE, OTCQB: ATBPF) today announced that it has licensed otenaproxesul to Nuance Pharma for commercialization in the Greater China region. Nuance is a biopharmaceutical company focused on licensing, developing and commercializing globally innovative therapies to address critical unmet medical needs in China and other Asia Pacific markets. Founded by Mark Lotter who built the AstraZeneca commercial franchise in China, and led by executives with extensive multinational pharma experience, Nuance focuses on identifying and in-licensing therapies that have achieved best-in-class, human proof-of-concept status.
The license provides Nuance with exclusive rights to commercialize the otenaproxesul in mainland China, Hong Kong, Macau, and Taiwan, representing approximately 10% of the worldwide pharma market.[1] Under the terms of the agreement, Antibe is entitled to US$100 million in milestone payments, including US$20 million upfront and US$80 million in development and sales milestones, in addition to a double-digit royalty on sales. Clinical development and regulatory costs for the region will be borne by Nuance. Antibe and Nuance have established a structure for collaborating on otenaproxesul's clinical development in the region, ensuring a fit with Antibe's global regulatory strategy.
"We are very impressed with Nuance's strategic grasp of the dynamics and opportunities in China's pharma marketplace," commented Dan Legault, Antibe's CEO. "Their globalized business practices and business model, combined with deep commercial, clinical and regulatory capabilities, make them an ideal partner to address this increasingly sophisticated market. Mark has built an exceptional team, providing us with confidence that Nuance can realize otenaproxesul's full potential."
China's extensive economic progress, combined with significant advances in drug regulation, intellectual property protection and health insurance coverage, has stimulated demand for leading-edge therapies. This trend has been particularly evident in pain management, a market that has doubled in the last five years, driven principally by demand for nonsteroidal anti-inflammatory drugs ("NSAIDs") like otenaproxesul.
"Our team is thrilled to partner with Antibe to commercialize otenaproxesul," commented Mark Lotter, CEO of Nuance. "This deal is a key part of our strategy to bring the next generation of best-in-class pain therapies to the region. As doctors and patients seek safer, non-addictive therapies for chronic pain, we see a great opportunity for otenaproxesul."
[1] IQVIA, The Global Use of Medicine in 2019 and Outlook to 2023.
About Antibe Therapeutics Inc.
Antibe is leveraging its proprietary hydrogen sulfide platform to develop next-generation safer therapies to address inflammation arising from a wide range of medical conditions. Antibe's current pipeline includes three assets that seek to overcome the gastrointestinal ("GI") ulcers and bleeding associated with nonsteroidal anti-inflammatory drugs ("NSAIDs"). Antibe's lead drug, otenaproxesul (formerly ATB-346), is entering Phase III for osteoarthritis pain. Additional assets under development include a safer alternative to opioids for peri-operative pain, and a GI-safe alternative to low-dose aspirin. The Company's next target is inflammatory bowel disease ("IBD"), a condition long in need of safer, more effective therapies. Learn more at antibethera.com.
About Nuance Pharma
Nuance is a Shanghai-based late clinical-stage biopharmaceutical company focused on licensing, developing and commercializing globally innovative therapies with the mission of addressing critical unmet medical needs in China and other emerging Asia Pacific markets. Its world-class clinical and regulatory teams, visionary approach to business development and integrated commercial platforms enable Nuance to continuously accelerate the access of innovative treatments to patients. Since its inception in 2014, Nuance has assembled a portfolio of promising clinical-stage drug candidates for respiratory, pain and iron deficiency anemia. The company has targeted these therapeutic areas based on the severity of the unmet medical needs, the size of the at-risk patient population, and the emergence of innovative products worldwide.
Forward Looking Information
This news release includes certain forward-looking statements, which may include, but are not limited to, the proposed licensing and development of drugs and medical devices. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "will", "anticipate", "believe", "plan", "estimate", "expect", "intend", "propose" and similar wording. Forward-looking statements involve known and unknown risks and uncertainties that could cause actual results, performance, or achievements to differ materially from those expressed or implied in this news release. Factors that could cause actual results to differ materially from those anticipated in this news release include, but are not limited to, the Company's inability to secure additional financing and licensing arrangements on reasonable terms, or at all, its inability to execute its business strategy and successfully compete in the market, and risks associated with drug and medical device development generally. Antibe Therapeutics assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those reflected in the forward-looking statements except as required by applicable law.
