Glenmark Pharmaceuticals S A, the wholly-owned Swiss subsidiary of the Mumbai-based Glenmark Pharmaceuticals Ltd, has announced the purchase of two New Biological Entities (NBEs), humanised monoclonal therapeutic antibodies (Mab), from the Canada-based Chromos Molecular Systems Inc.
The purchase includes all rights to the NBEs, CHR-1103 and CHR-1201, as well as rights to use Chromos' proprietary ACE system technology for cell line development for the two products. With this, Glenmark holds the worldwide rights for further development, registration and commercialisation of these products. However, the financial terms involved in the transaction are not revealed.
"These two NBEs would help accelerate our research pipeline in the biologics space. Apart, we will have a total number of six molecules in the pipeline in the current financial year, including the three we have already commenced works on," said Glenn Saldanha, managing director and CEO of Glenmark Pharmaceuticals Ltd.
The two NBEs purchased from Chroma are part of a validated class of drugs known as SAMIs (selective adhesion molecule inhibitors) that includes such drugs as ReoPro (Centocor/Lilly), Raptiva (Genentech/Xoma) and Tysabri (Biogen/Elan). CHR-1103 is a broad anti-inflammatory agent with a novel mechanism of action, developed initially for treating acute multiple sclerosis. CHR-1201 is an anti-thrombolytic humanized monoclonal antibody, which the company plans to develop initially to treat acute stroke.
The company is planning to initiate phase I clinical trials in 2008 and complete phase 1 on CHR-1103 by March 2009. Glenmark plans to start phase I on CHR-1201 by March 2009.
"We share Glenmark's enthusiasm for these antibodies, and are pleased that these therapies will be moved forward with the support of Glenmark's outstanding infrastructure and personnel," said Alistair Duncan, president and chief executive officer (CEO) of Chromos.
As part of Chromos' on-going restructuring proceedings under the Bankruptcy and Insolvency Act, the Supreme Court of British Columbia in Bankruptcy has approved this transaction. The upfront proceeds from this purchase transaction will be used to repay Chromos' secured creditors.