Three Melbourne-based life science companies have signed multi-million dollar deals with major multinational biopharmaceutical corporations, with investments totalling over A$500 million.
One of the deals, announced on 7th September 2015, saw nanotechnology specialists Starpharma sign a licensing agreement with global pharmaceutical company AstraZeneca. The agreement enables the development and commercialisation by AstraZeneca of compounds directed at a defined family of targets using Starpharma's DEP® drug delivery technology.
Initial estimates suggest the deal could be worth up to A$177 million, with additional income derived from future sales predicted.
"Today's agreement with AstraZeneca is an exciting development for Starpharma and its DEP platform. It follows a successful collaboration in which Starpharma's DEP drug delivery technology has been applied to an important AstraZeneca oncology candidate," said Dr Jackie Fairley, Starpharma Chief Executive Officer.
Another major agreement was announced on 14th September 2015 when Melbourne-headquartered Medical Developments International Limited (MDI) and UK multinational Mundipharma International entered into a license, development and commercialisation agreement for Penthrox (pain treatment) in Europe. The deal will give Mundipharma exclusive product rights in 39 European markets.
The deal, worth up to A$74 million, brings together two companies in a strategic collaboration that leverages their individual strengths, and strong commercial capabilities.
Dr Reddy's Laboratories, a $US10.3 billion ($14.5 billion) integrated pharmaceutical group listed in New York, will pay Hatchtech an undisclosed upfront fee, up to $85 million in pre-commercialisation milestone payments, and the remainder of the $279 million subject to sales-based milestones.
Victoria is a highly respected international leader in the health sector with a number of significant strengths that offer investment and trade opportunities.
Melbourne is a global medical research and development hub. Victoria is Australia's undisputed leader in medical research, annually receiving over 40 per cent of national government medical research funding.