Israel’s Oramed Pharmaceuticals has reached an agreement with Chinese company Hefei Tianhui Biotech (HTIT) for a joint venture based on the former’s oral drug delivery technology and the latter’s production capabilities.
According to the two companies, the venture will center around the development and global sale of innovative products based on Oramed’s oral insulin medication, using HTIT’s manufacturing capabilities and technologies.
The two companies plan to begin Phase 3 trials for the oral insulin drug in the United States.
Both firms will have a 50% share in the venture and equal say in the direction of the venture, with Oramed initially investing $10 million and HTIT around $60 million.
“We are thrilled to further our relationship with HTIT, expanding the reach of our oral drug delivery technology to a global market,” said Oramed CEO Nadav Kidron.
“HTIT has state-of-the-art facilities, manufacturing capabilities and the know-how needed to produce oral insulin on an international scale. This [joint venture] is a true opportunity to leverage our strengths as well as those of our partners to fast-track our pipeline towards commercialization.”