Additionally, Brii Bio will acquire exclusive global rights for the development and commercialisation of the novel lipopeptide BRII-693 (QPX9003) to expand from its existing rights in Greater China
Brii Biosciences has acquired exclusive global rights of lipopeptide BRII-693. (Credit: Trnava University on Unsplash)
Biotechnology company Brii Biosciences has agreed to sell its equity interest in Qpex Biopharma to Japan-based pharmaceutical company Shionogi for $24m upfront cash payments.
Additionally, Brii Bio will acquire exclusive global rights for the development and commercialisation of the novel lipopeptide BRII-693 (QPX9003) to expand from its existing rights in Greater China.
BRII-693 is currently in development for the treatment of critically ill patients with MDR/XDR gram-negative bacterial infections, especially carbapenem-resistant Acinetobacter baumannii and Pseudomonas aeruginosa.
Brii Bio and Qpex entered a licencing agreement in October 2019 to develop and market BRII-693 and the products based on QPX7728 in Greater China.
Under the terms of the agreement, all prevailing cost-share, milestone, and royalty payments related to BRII-693 to Qpex are eliminated.
The biotechnology firm will return its exclusive rights to QPX7728-based products BRII-636 and BRII-672 in Greater China to Qpex. Brii will also be responsible for cost-share, milestone, and royalty payments associated with these products to Qpex.
Furthermore, Qpex will conclude a merger through Shionogi’s acquisition of its QPX7728-based programme rights in conjunction with the return of rights.
The biotechnology firm will receive about $24m with the return of the QPX7728 product rights and the closure of the acquisition. The deal also has the potential contingency payments for upcoming milestone events in the US.
Brii Bio chairman and CEO Zhi Hong said: “With the demonstrated antibacterial mechanism and improved safety profile, BRII-693 has the potential to be the safest and most effective polymyxin for the treatment of critically ill patients with gram-negative bacterial infections.
“Given the microbiological and clinical profile of BRII-693, we are very excited about this opportunity to prioritise and focus on the global development of this agent.”