MUMBAI: GVK Biosciences, leading contract research and development organization and US-based biopharma company, Onconova Therapeutics, announced that they have entered into a partnership to develop new drugs for cancer.
The joint partnership will be based in the US and will align research priorities and technological expertise from both companies to facilitate moving certain Onconova oncology assets from early discovery to clinical development stage.
E Premkumar Reddy, the scientific founder and director of Onconova and a world-renowned molecular oncologist, will oversee the biology and biomarker aspects of the partnership.
Onconova will provide two discovery targets with early chemical equity, while GVK BIO will use its multi-disciplinary discovery platform to advance these programs through lead optimization and IND candidate selection. GVK BIO will gain an increasing share of the programs as they advance, up to a 50:50 split, based on achievement of milestones/funding brought into the joint partnership.
Onconova retains the rights to buy back the programmes.
"The demands for integrated and outcome-based research deals are increasing in the service business. This announcement shows GVK BIO's commitment to new and innovative models for drug discovery with partners. Onconova is a leading Oncology company and GVK BIO is happy to partner with them." said Manni Kantipudi, CEO of GVK BIO.
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