Press release by EirGenix
After completion of the first three licensing agreement milestones for its breast cancer biosimilar, EG12014 (Trastuzumab Biosimilar, also called EGI014), EirGenix, Inc. (6589.TT) has completed its fourth licensing agreement milestone on July 21, 2021.
Earlier this year on March 23rd, EirGenix had announced that the Phase III clinical trial (Trial No.: EGC002, NCT03433313) of its breast cancer biosimilar, EG12014 (proposed trastuzumab biosimilar, also called EGI014), had met its primary endpoint. EG12014 had shown equivalent efficacy to Herceptin® in regard to its clinical response (pathologic complete response, pCR), in addition to demonstrating a comparable safety profile.).
In April 2019, EirGenix signed a global licensing agreement with Sandoz AG, a global leader in generics and biosimilars. The licensing agreement authorized Sandoz AG to the exclusive commercial rights to EirGenix’s EG12014 (Trastuzumab biosimilar, also called EGI014) in all markets except mainland China and Taiwan. The licensing agreement includes a signing fee and milestone payments, and additional performance-based payments in the authorized markets after product launch. The signing fee was already received by EirGenix in June 2019. After achieving the first three milestones of its licensing agreement with Sandoz AG on schedule, EirGenix has fulfilled the requirements of its fourth* milestone this July. The revenue from the milestone payment will be recognized in stages in accordance to standard accounting procedures and will serve to benefit the company’s current operations and further development.
EirGenix is currently one of the first biopharmaceutical companies in Taiwan to have successfully signed a licensing agreement with a global pharmaceutical company for a biosimilar in active development, retaining responsibility for manufacturing & supply while appreciating profit-sharing payments for the assigned territories. The collaboration between EirGenix and Sandoz AG leverages the combined strength of EirGenix’s biosimilar medicine R&D and manufacturing capabilities together with Sandoz AG’s substantial experience in global commercialization and market access capabilities. With such a positive outlook EirGenix hopes to fully meet its investors’ expectations.