GVK BIO and Onconova Therapeutics, an US-based biopharmaceutical company have entered into a novel joint partnership to develop new drugs for cancer. The joint partnership will be based in the US and will align research priorities and technological expertise from both companies to facilitate moving certain Onconova oncology assets from early discovery to clinical development stage.
Dr E Premkumar Reddy, Scientific Founder and Director, Onconova and a world-renowned molecular oncologist, will oversee the biology and biomarker aspects of the partnership. Onconova will provide two discovery targets with early chemical equity, while GVK BIO will use its multi-disciplinary discovery platform to advance these programmes through lead optimisation.
GVK BIO will gain an increasing share of the programmes as they advance, up to a 50/50 split based on achievement of milestones/ funding brought into the joint partnership. Onconova retains the rights to buy back the programmes.
Onconova brings a wealth of knowledge in oncology, with an expertise of disease target pathways, hits, and development capabilities in the US, Europe and India. GVK BIO brings its broad experience of working with over 200 pharma and biotech companies across multiple service offerings, a strong scientific pool of over 2,000 scientists, and an IP generating capability.
“The demands for integrated and outcome-based research deals are increasing in the service business. This announcement shows GVK BIO’s commitment to new and innovative models for drug discovery with partners. Onconova is a leading oncology company and GVK BIO is happy to partner with them.” said Manni Kantipudi, CEO, GVK BIO.
EP News Bureau – Mumbai
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