Korea’s pharmaceutical company Alteogen said on Thursday it has signed a memorandum of agreement with Malaysia’s Inno Bio Ventures to set up a joint venture for biosimilar business in the Southeast Asian country.
The joint venture will be responsible for the development, clinical research, production and marketing of biosimilar drugs. Inno Bio Ventures is a state-funded corporation founded in 2002.
Alteogen and Inno Bio Ventures will initially cooperate in the multinational clinical study of the former’s investigational Herceptin biosimilar. The latter’s subsidiary Inno Biologics will be responsible for local production, according to Alteogen.
Kosdaq-listed Alteogen wants the collaboration to boost its presence in the Association of Southeast Asian Nations (ASEAN) and 57 Organization of Islamic Cooperation (OIC) member countries presided by Malaysia.
Alteogen said its cooperation in Malaysia will be a bridge to entering broader markets in Southeast Asia and the Middle East and it will seek to jointly develop new biosimilars for global markets in the second-phase cooperation.
Alteogen is prepping to conduct a global phase 3 study of ALT-02, a biosimilar version of Roche’s Herceptin, and has worked together with global partners to develop antibody biosimilars.
Alteogen shares fell 4.09 percent and ended at 24,650 won ($23.13) on Thursday.