Itero Biopharma inks pact with Biological E

[Metropolitanjury]

Itero Biopharmaceuticals Inc has inked a broad-ranging partnership with the Hyderabad-based Biological E. Ltd (BE). It has also announced the raising of $21 million venture financing.

The focus of the partnership would be on worldwide development and manufacture of value-added, follow-on and novel proteins and antibodies, according to a press release.

They will collaborate to obtain worldwide approvals and commercialise jointly developed biopharmaceuticals.

Itero Biopharmaceuticals, the San Mateo, California-based company will be responsible for financing the development of the drug candidates, while Biological E. will bear the costs for the manufacture of the products to meet worldwide demand.

Commercial rights

Itero will retain commercial rights in the US, Europe and Japan, while Biological E., a privately held Indian firm with a 55-year history of manufacturing biologics will retain commercial rights in all other territories.

Mr Bryan Lawlis, Chief Executive Officer, Itero, said, “We have the great advantage of working with a group of accomplished investors who have deep biologics operational experience in both the US and India.

“Together, we believe that we can build a significant company focused on the cost-effective, worldwide development, production and commercialisation of value-added protein and antibody-based therapeutics addressed to significant market opportunities.”

Mr Ray Prasad, Chief Operating Officer, Global Biologics of Biological E, said, “We look forward to working closely with the Itero team to establish cGMP certification and product approvals from the US FDA and EMEA for our biopharmaceuticals facilities”.

Itero simultaneously announced that it has secured a $21-million Series A venture financing commitment. SV Life Sciences, the company’s largest shareholder, and Panorama Capital led the financing with additional participation from VenturEast.

The proceeds will be used to fund the initial development of Itero’s therapeutic protein pipeline, the release said.

By Ms.Bobby Aanand, Metropolitan Jury.