Viropro, Inc. Signs a Binding Letter of Agreement For a Multi Million Development Contract With NASDAQ Listed Spectrum Pharmaceuticals, Inc.
Viropro is pleased to announce it has signed a binding Letter of Agreement (“LOA”) with Spectrum Pharmaceuticals, Inc. of Irvine, CA, for the development and clinical production of a biosimilar version of Rituximab, a monoclonal antibody currently used in the treatment of non-Hodgkin’s lymphoma, chronic lymphocytic leukemia, and rheumatoid arthritis. As part of this LOA, Spectrum will also license the rights to certain technology that will be used in the development of the Rituximab biosimilar.
The LOA calls for payments of milestones over an expected 36 months time span. The LOA also calls for the payment of royalties from ensuing sales.
Dr. Rajiv Datar, President & CEO of Viropro, comments: “We are extremely pleased to announce the signing of this LOA; it reaffirms the quality of our research and proprietary technology. It is an important breakthrough for us in the North American market. Spectrum is a fast-growing and well-established biopharmaceutical company. Over the past few months, Spectrum has thoroughly examined and evaluated our technology and offer, and the ensuing LOA is a very satisfying accomplishment to us of our efforts.”