ADC Therapeutics and Overland Pharma Form Strategic Joint Venture to Expand ADC Drug Development
Thursday, December 17, 2020
MSQ Ventures ("MSQ") is pleased to announce that its client, ADC Therapeutics SA, has successfully entered into an agreement to jointly set up a new company , Overland ADCT BioPharma (CY) Limited with Overland Pharmaceuticals, a fully integrated biopharmaceutical company backed by Hillhouse Capital.
Under the terms of the agreement, ADC Therapeutics has licensed exclusive development and marketing rights to Lonca, ADCT-602, ADCT-601 and ADCT-901 to Greater China and Singapore to Overland ADCT Biopharma, in which Overland Pharmaceuticals has invested 50 million of dollars. Overland Pharmaceuticals will have a 51% stake and ADC Therapeutics, 49%. ADC Therapeutics may also receive payments for goals achieved and royalties from the license agreement with Overland ADCT BioPharma.
"As we prepare for the potential launch in the United States of Lonca in 2021, we are delighted that Overland ADCT BioPharma will expand access to therapy, as well as three of our other pyrolobenzodiazepine (PBD) -based antibody drugs, to meet the needs of patients in Greater China, "said Chris Martin , CEO of ADC Therapeutics . "The MSQ team has endeavored to help us understand the Chinese market from A to Z, develop a plan, execute strategic objectives, and advise on this transaction. The systematic approach and the alignment of the focus on results have contributed to our success."
Ed Zhang , co-founder of Overland Pharmaceuticals, said: "We are excited to integrate these first four candidates into the Overland ADCT BioPharma portfolio and look forward to making this new company a benchmark in oncology in China . We are pleased to work with ADC Therapeutics, an a pioneer in the ADCs area in this strategic endeavor. MSQ's professionalism and understanding of the goals of both parties helped to accelerate this successful transaction, especially during COVID-19. "
As ADC Therapeutics begins this exciting phase of its global plan, Echo Hindle-Yang , CEO of MSQ commented on the transaction, "This new international venture is another example that, even in the era of COVID-19, global innovators like ADC Therapeutics and Overland Pharmaceuticals have joined forces. We are excited about what this could mean for cancer patients. We congratulate both teams and look forward to more innovations in the future. "
