Abbisko Therapeutics and AstraZeneca China Announce Strategic Partnership
25 May, 2021, Shanghai – Abbisko Therapeutics Co., Ltd. (“Abbisko” hereafter) a clinical-stage biopharmaceutical company focused on discovering and developing innovative targeted and immuno-oncology therapies, announced today that it has entered into a strategic collaboration with AstraZeneca China. Under the framework of the agreement, both parties will actively explore collaborative opportunities in various areas including commercialization and investment related to innovative medicines.
The partnership is intended to leverage both companies’ strengths, matching Abbisko’s capabilities in innovation and efficiency with AstraZeneca’s capabilities and reach in the market. Both companies will carry out intensive cooperation in multiple stages during the process of drug development and commercialization. This is an expansion of a prior and successful partnership between the two companies in which Abbisko acquired global rights for ABSK091 (AZD4547) from AstraZeneca. Abbisko has since obtained an IND approval for ABSK091 from the National Medical Products Administration (NMPA) of China and has been initiating a phase Ib/II clinical study.Abbisko has also received investment from AstraZeneca CICC Healthcare Venture Capital Fund in April this year. The CICC fund aims to match top projects and capital resources home and abroad, explore new opportunities brought by the integration of technologies and healthcare industry, so as to invest and incubate innovative healthcare projects all over the world.
“We are delighted to expand the collaboration with AstraZeneca and continue to expand our R&D effort and deliver strong results.” Dr. Yao-Chang Xu, Chief Executive Officer of Abbisko Therapeutics said, “Backed by AstraZeneca’s extensive product commercialization capability and financial investment, Abbisko will be able to further strengthen our R&D capabilities and accelerate our discovery and development of innovative medicines.”
Leon Wang, International Executive Vice-President and China President, said, “As one of the leading multinational pharmaceutical companies, AstraZeneca is committed to empowering local innovation and to deeply integrating with the pharmaceutical industry in China. Relying on AstraZeneca's profound R&D, manufacturing, operation and commercialization experience in the pharmaceutical industry, integrating with Abbisko‘s unique pipeline advantages in the oncology R&D, and supporting by CCIC fund, this strategic cooperation between the two parties is expected to become a successful collaboration model between multinational enterprise, local innovative biopharmaceutical company and the capital."