Hangzhou Sumgen Biotech Co., Ltd. (hereinafter “Sumgen) and China National Biotech Group (hereinafter “CNBG”) have recently announced the formal founding of a joint venture named CNBG Sumgen Biopharmaceutical (Hangzhou) Co., Ltd. (hereinafter “CNBG Sumgen”) in the Hangzhou National High-Tech Industry Development Zone. This is the second strategic cooperation between Sumgen and CNBG following the equity cooperation in 2019.
Relying on the innovative capacity and R&D advantages of Sumgen and the clinical development and commercialization advantages of CNBG, CNBG Sumgen will devote itself to the development and commercialization of innovative antibody drugs. In the early stage, CNBG Sumgen will focus on three innovative antibody projects (oncology) transferred from Sumgen and bring them to the clinical stage within two years. CNBG Sumgen also plans to introduce high-quality innovative antibody drug projects through multiple channels and take advantage of the technologies and resources from both parental companies to accelerate the development of innovative antibody drugs and provide high-quality Chinese antibodies for cancer patients both at China and abroad.
Following the establishment of the CNBG Antibody R&D Center by CNBG upon its 100th anniversary on Nov. 29, 2019, CNBG Sumgen is another major step in the company’s layout for innovative antibody drugs. According to Dr. Lu Ming, chairman of Sumgen, “After receiving the exclusive investment by CNBG in 2019, the founding of CNBG Sumgen is another strategic cooperation move taken by Sumgen in technological innovation, industrial layout and resource allocation. It also represents CNBG’s recognition and affirmation for Sumgen. This cooperation will accelerate the R&D and promote the clinical research and industrialization of the company’s innovative products.
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