Pfenex Inc. and China NT Pharma Group Company Limited (NT Pharma) announced an agreement under which Pfenex granted NT Pharma non-exclusive development and exclusive commercialization rights to PF708, a teriparatide therapeutic equivalent candidate to Eli Lilly & Company's Forteo, in Mainland China, Hong Kong, Singapore, Malaysia and Thailand.

In accordance with the agreement, Pfenex received a payment of $2.5 million upon signing of the agreement and may be eligible to receive additional payments of up to $22.5 million based on the achievement of certain development, regulatory, and sales-related milestones. Pfenex may also be eligible to receive double-digit royalties on net product sales.  NT Pharma will be responsible for any further development required to achieve regulatory approval as well as commercialization activities in the territory.

"This agreement will expand NT Pharma's orthopedic product portfolio which currently includes Miacalcic franchise acquired from Novartis. The collaboration with Pfenex will leverage the strengths and resources of both companies to accelerate the development and commercialization of the product," said  Ng Tit, NT Pharma chairman and chief executive officer. "This partnership will open further discussion on potential partnering for other Pfenex pipeline product candidates."

"We are pleased to announce our collaboration with NT Pharma, a recognized pharmaceutical leader in China and the Asia Pacific region. Upon receipt of the relevant marketing approvals, we believe this collaboration will allow us to drive sales of PF708 in key pharmaceutical markets," said Eef Schimmelpennink, chief executive officer of Pfenex. "NT Pharma is well positioned to complete the development and commercialization of the product in the territory given its demonstrated experience in the orthopedic space."

Pfenex Inc. is a clinical-stage development and licensing biotechnology company focused on leveraging our Pfenex Expression Technology to improve protein therapies for unmet patient needs.

NT Pharma is a technology-based pharmaceutical company which is principally engaged in the investment, research and development (R&D), manufacturing and sales of pharmaceutical products in the People's Republic of China and countries overseas, with its products covering therapeutic areas of severe illness such as oncology, orthopedics, central nervous system, haepatology and respiratory system.