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ProBioGen, Germany and Minapharm, Egypt enter into development and co-promotion agreements
Berlin (ots) - ProBioGen and Minapharm jointly announced today that they have entered into two separate agreements to develop two therapeutic proteins, one exclusively for Minapharm and another second generation biopharmaceutical product for co-promotion. In the first agreement, ProBioGen will apply its proven cell generation process for biopharmaceutical cell lines. Minapharm, via its subsidiary, Rhein-Minapharm-Biogenetics, will carry out the pertinent process research & development, production and commercialization of the target therapeutic proteins.
In the second agreement, ProBioGen and Minapharm will co-develop a second generation biopharmaceutical product using either ProBioGen's pre-optimised CHO cell line or its proprietary Human Neuronal Cell Line AGE1.HN. Minapharm will exclusively market the product in Middle Eastern and African countries while ProBioGen will have promotional rights in Rest of the World. Both companies will also share the revenue from the product. Further financial details are not disclosed.
"These two agreements provide a very strong bond between our two companies and represent a significant step forwards in the development of our company with access to product revenue in majors markets such as Europe, America and Japan." said Michael Schlenk, CEO of ProBioGen.
Dr. Wafik Bardissi, CEO of Minapharm added, "This event further substantiates Minapharm's position at the regional forefront of research, development and marketing of innovative recombinant DNA products. It also coincides with the German-Egyptian Year of Science and Technology "2007" designated by both governments while strengthening tides between our company and one of the leading German biotech companies."
ots Originaltext: ProBioGen AG
Hing Kin Chan, PhD