VBL Therapeutics a clinical-stage biotechnology company focused on the discovery, development and commercialization of first-in-class treatments for cancer, has announced an exclusive license agreement with NanoCarrier Co., Ltd. for the development, commercialization, and supply of ofranergene obadenovec (“VB-111”) in Japan. VBL Therapeutics retains rights to VB-111 in the rest of the world.
“Japan is potentially a large market opportunity for VBLT, and this agreement provides us with access into this important market as we continue to prepare for commercialization of VB-111 in recurrent glioblastoma (rGBM), and in other indications,” said Dror Harats, M.D., chief executive officer of VBL Therapeutics. “We see this agreement with NanoCarrier as providing further validation of the potential of VB-111 and we look forward to working together to bring this important anticancer therapy to patients and health care professionals in Japan.”
“We are continually looking for new opportunities in the treatment of cancer, and VB-111 is an innovative gene therapy which, if approved, could have significant market potential in Japan,” said Ichiro Nakatomi, Ph.D., President and Chief Executive Officer of NanoCarrier. “VB-111 is a perfect fit for our portfolio of cancer drug candidates.”
Under terms of the agreement, VBLT has granted NanoCarrier an exclusive license to develop and commercialize VB-111 in Japan for all indications, VBLT will supply NanoCarrier with VB-111, and NanoCarrier will be responsible for all regulatory and other clinical activities necessary for commercialization in Japan. In exchange, VBLT receives an up-front payment of $15 million, and is entitled to receive greater than $100 million in development and commercial milestone payments. VBLT will also receive tiered royalties on net sales in the high-teens. Other terms of the agreement are not being disclosed.
In addition to this agreement, VBL Therapeutics and NanoCarrier intend to explore future collaborations in oncology.