ProMetic Life Sciences Inc. (PLI.TO: Quote) Monday said it has granted manufacturing rights to Hematech Biotherapeutics Inc. of a plasma-derived biopharmaceutical product targeting a rare medical condition using ProMetic's proprietary PPPS.
Hematech will pay ProMetic $10 million for the orphan drug development program, a $1 million upfront payment followed by $9 million staged payments.
The drug would be manufactured in ProMetic's Laval facility and in Hematech's planned facility in Taiwan.
Following the completion of clinical trials and regulatory approval, the drug will be commercialized jointly by ProMetic and Hematech on a global basis, excluding China, with both parties sharing profits equally.
by RTT Staff Writer
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