Athenex Pharmaceutical Division and SunGen Pharma LLC, DBA Peterson Pharmaceuticals, a specialty pharmaceutical company located in New Jersey, today announced a joint venture agreement to launch and market 7 pharmaceutical products, both injectable and solid oral dosage, in the United States. Many of these products are therapeutically relevant to the Athenex proprietary pipeline of products under development. In addition, all of these products are approved by the U.S. FDA and will be launched in the near future by Athenex Pharmaceutical Division.
SunGen Pharma has a unique business model and not only develops complex products themselves, but also has an extensive network of partners in Asia, Europe and the U.S. who look to SunGen Pharma for co-development and marketing in the U.S. The joint venture will become the marketing and sales arm of SunGen Pharma in the U.S. and will also assist with facility compliance, product identification and regulatory support.
Mr. Jeffrey Yordon, President of Athenex Pharmaceutical Division, stated, "We are excited to have this opportunity to partner with SunGen Pharma and their unique business model. The combination of Athenex's sales, marketing, regulatory and quality infrastructure, combined with SunGen Pharma's product development expertise and broad partnering network around the world, make for a formidable combination of skill sets. The SunGen Pharma partnership, one of many partnerships we plan on executing in the near term, will supply high value products to our markets. We are pleased to be working with an organization of SunGen Pharma's caliber. The emphasis on product selection with SunGen Pharma and other future partners in oncology will complement our robust proprietary pipeline of oral oncolytics. Opportunities like this enable Athenex to add to our infrastructure of our own sales, marketing and distribution systems prior to the launch of our first proprietary oncology product."
Dr. Isaac Liu, Co-CEO and President of SunGen Pharma, stated, "SunGen Pharma is very pleased to be a significant partner of Athenex. We have worked with Mr. Yordon in the past and are very confident that our joint venture will be extremely successful. Furthermore, we believe our extensive network of companies around the world will result in additional products and opportunities for this joint venture."
The specialty products being launched in the near term are expected to create a revenue and margin contribution to help subsidize the ongoing clinical trials and research and development projects for the Athenex proprietary pipeline. To further the synergies, Athenex will be working closely with its Active Pharmaceutical Ingredient (API) division, Polymed, to back-integrate into its pipeline of products. The company fully expects to consummate several more of these types of transactions in the near future.
Source : finance.yahoo.com