Inno Bio To Develop Biosimilar Drugs To Treat Life Threatening Diseases

Last update: 16/06/2017

NILAI, June 16 (Bernama) -- Inno Bio Ventures Sdn. Bhd. (Inno Bio) of Malaysia and its strategic partner, Aryogen Pharmed Co. (Aryogen) of Iran has inked an agreement to formalise the setting up of a joint venture partnership between the two companies.

The collaboration is for the development and production of biosimilar for life-threatening diseases such as breast cancer, leukemia, blood disorders and rheumatoid arthritis, and for now the partnership focuses on four products, namely, Factor VII, Rituximab, Trastuzumab and Etanercept, it said in a statement.

The unique synergy will focus on transfer of technology, exchange of personnel and experts in CGMP (current Good Manufacturing Practices) technology and facility, and in managing the business interests of its shareholders. To date, Factor VII has reached the final stages for registration with the Malaysia regulatory agency.

"Inno Bio is geared up in the development and commercialisation of biosimilar products using its CGMP facilities, with support from Aryogen for both Malaysian and ASEAN markets. This is a major milestone achieved in the specific project assignment given by the government of Malaysia to Inno Bio," said Tan Sri Abd Rahman at the signing ceremony which was held in Tehran.

The agreement was signed by Inno Bio's President/Chief Executive Officer, Mohd Zaid Abdul Jalil and Aryogen's Chairman, Dr Fereidoun Mahboudi, witnessed by International Trade and Industry Minister, Datuk Seri Mustapa Mohamed.

Also present at the ceremony were Deputy Secretary General (Trade), Ministry of International Trade and Industry, Datuk Isham Ishak, Malaysian Ambassador to Iran, Datuk Rustam Yahaya, Inno Bio´s Chairman, Tan Sri Abd Rahman Mamat, Aryogen's Chief Executive Officer, Dr Amir Farshchi and Chairman, Joint Venture Company, Datuk Dr Ahmed Tasir Lope Pihie, it added.

Malaysia recognises biosimilar as having high impact to the health economy. The number of cancer patients has increased tremendously year by year.

With a growing demand of cancer drugs, a domestic production of biologic drugs at a sustainable and affordable cost is inevitable in providing better accessibility to these drugs.

The price for biologic drugs can be controlled and can be offered at 30 per cent to 40 per cent lower than the originator´s drugs if it is produced locally.

According to Abd Rahman, Inno Bio projected, access to specific biologic drugs for treatment of targeted cancer in Malaysia and ASEAN countries would be significantly increased by 50 per cent by year 2025 and it is the company's commitment to see more patients benefit from the partnership.

--BERNAMA