Sanofi and JHL Biotech, Inc., a biopharma company with development and manufacturing facilities in Wuhan and Taiwan, have entered a strategic alliance to develop and commercialize biologics in China, with potential international expansion.
Sanofi will invest $80 million in newly issued JHL shares and will make an upfront payment of $21 million to acquire exclusive rights for the proposed biosimilar of Rituximab and options to certain JHL pipeline products. JHL will lead the development, registration, and manufacturing activities, while Sanofi will lead commercialization efforts in China. JHL is entitled to receive milestones of as much as $236 million and sales royalties.
"Today is a turning point in JHL's history," said Racho Jordanov, co-founder and chief executive officer of JHL Biotech, "JHL was built on the foundation of world-class biologics capabilities. In our alliance with Sanofi, we are combining JHL's development and manufacturing expertise with Sanofi's strengths in commercialization. Together, we will make high-quality medicines affordable to more patients in China."
"The alliance reflects Sanofi's long-term commitment to invest in China and to provide access to high quality therapeutics to Chinese patients," said Dr. Jean-Luc Lowinski, president of Sanofi China and SVP of Sanofi Asia, "JHL has quickly developed leading capabilities in the development of biologics and I am confident that our alliance will positively impact lives of patients in areas of high unmet medical needs in China."
