Celltrion and Nan Fung Group to establish Vcell Healthcare Limited to Develop and Commercialize Biosimilars in China
INCHEON, South Korea and HONG KONG, July 19, 2019 - Celltrion and Nan Fung Group announced today the establishment of Vcell Healthcare Limited, a Joint Venture company between both parties.
At the formation of the Joint Venture, Vcell Healthcare Limited has simultaneously signed a licensing agreement with Celltrion Group. Vcell Healthcare Limited will obtain the exclusive rights in mainland China to develop, manufacture and commercialize three US FDA and EMA approved biosimilar products from Celltrion: CT-P13 (Remsima), CT-P10 (Truxima) and CT-P6 (Herzuma). Remsima, referencing Remicade (Infliximab), was the first antibody biosimilar approved in the EU and US. Remsima has been commercialized in more than 80 countries worldwide. Truxima, referencing Rituxan (Rituximab), has been approved in the US and EU; and Herzuma, referencing Herceptin (Trastuzumab), has been approved in the US, the EU and Japan. Vcell Healthcare Limited aims to launch these products in China expeditiously following the regulatory approval process. In the meantime, Celltrion and Nan Fung Group will collectively explore the opportunity to develop a world-class biologics manufacturing facility in China.
Seo Jung-Jin, Chairman of Celltrion Group said, "We are extremely excited about the establishment of Vcell Healthcare Limited, which will serve as the cornerstone for our entry into the Chinese market. We will make our best efforts to start business in China as soon as possible and provide Chinese patients with our outstanding biosimilar products which have already been approved in the global markets such as the U.S., Europe, and South Korea."
Antony Leung, Chairman and CEO of Nan Fung Group, said, "China has huge unmet medical needs for high quality drugs with affordable prices. We hope Vcell Healthcare Limited could bring world-class biosimilar products to benefit Chinese patients and establish a state of the art manufacturing base in China to serve growing demand for high quality CDMO in the country."
About Celltrion, Inc.
Headquartered in Incheon, Korea, Celltrion is a leading biopharmaceutical company, specializing in research, development and manufacture of biosimilar and innovative drugs. Celltrion strives to provide more affordable biosimilar mAbs to patients who previously had limited access to advanced therapeutics. Celltrion received FDA and EMA's approval for INFLECTRA® and Remsima®, respectively, which is the world's first mAb biosimilar to receive approval from a regulatory agency in a developed country.Its products are manufactured at state-of-the-art mammalian cell culture facilities, designed and built to comply with the US FDA cGMP and the EU GMP guidelines.
About Nan Fung Group
Founded in 1954, Nan Fung Group is a conglomerate based in Hong Kong with global interests in real estate development and investment, life sciences investments, financial investments, hotels and shipping. The Group has established Nan Fung Life Sciences, a global investment platform focusing on life sciences. Leveraging on Nan Fung Group's strong capital base and long term commitment to the area, Nan Fung Life Sciences aims to become the ideal partner for scientists, entrepreneurs, corporations and investors in the life science space. Through direct investments via Pivotal BioVenture Partners funds (both in US and China) and fund investments covering full spectrum of the industry (including therapeutics, medical devices and diagnostics) and across different development stages, Nan Fung Life Sciences has significant presence in both US and Greater China.
About Vcell Healthcare Limited
Vcell Healthcare Limited is a biopharmaceutical company focused on the development, manufacturing and commercialization of monoclonal antibody biosimilars in China.Vcell Healthcare Limited aspires to provide world-class biosimilars that can satisfy Chinese patients' unmet medical needs at affordable prices. It is a joint venture established by Celltrion and Nan Fung Group