Hyderabad, Jun 24 (UNI) Itero Biopharmaceuticals Inc., developer of value-added follow-on and novel therapeutic proteins and antibodies, today announced a broad-ranging partnership with city-based Biological E Limited.
According to a release here, Itero and Biological E, which is in manufacturing biologics for the last 55 years will collaborate to obtain worldwide approvals and commercialise jointly developed biopharmaceuticals.
Itero will be responsible for financing the development of the drug candidates while Biological E will carry out financing the manufacture of the products to meet worldwide demand.
Itero will retain commercial rights in the United States, Europe, and Japan while Biological E will retain commercial rights in all other territories.
''After a worldwide search of potential partners, we are thrilled to be collaborating with Biological E.,'' Itero Chief Executive Officer Bryan Lawlis said.
Biological E's Global Biologics Chief Operating Officer Ray Prasad said, ''we are excited to be collaborating with Itero to jointly develop and manufacture important biotherapeutic products.'' Itero also announced that it has secured a USD 21 million Series A venture financing commitment. SV Life Sciences, the company's largest shareholder, and Panorama Capital led the financing with additional participation from VenturEast. The proceeds will be used to fund the initial development of Itero's therapeutic protein pipeline, the release added.
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