ProMetic extends its reach in Asian markets with $21M deal
R&D project will expand Shenzhen Hepalink’s product line and diversification efforts.
LAVAL, Que. — ProMetic Life Sciences Inc. has signed two strategic agreements with Shenzhen Hepalink Pharmaceutical Co. Ltd. in China, which expand the Quebec biopharmaceutical company’s reach in the Asian market.
The $21 million agreement involves a research and development project based on ProMetic’s proprietary protein technologies and includes $11 million in licensing fees and milestone payments.
ProMetic said it will also receive further funding for product development in the fourth quarter on behalf of Hepalink.
The joint R&D program provides Hepalink with proprietary bioprocesses as part of its product expansion and diversification activities and lead to a long-term agreement for the exclusive manufacture and supply by ProMetic of an affinity resin.
ProMetic’s Mimetic Ligand technology is used in the large-scale purification of biologics, drug development, proteomics and the elimination of pathogens.
Hepalink is taking a 10% position in ProMetic with a $10 million equity injection that will go into the launch of the company’s GMP plasma facility in Laval, Que.