|By PR Newswire||
|March 12, 2014 07:00 AM EDT||
MUNICH, March 12, 2014 /PRNewswire/ --
- The long-term orientation of Formycon AG as a global biosimilar developer has been successfully achieved. The company ended the year 2013 with the out-licensing of the first development project.
- With Carsten Brockmeyer, Gerhard Schaefer and Simon Sturge, Formycon has appointed experienced pharma managers to the board of directors and the advisory board.
- Biosimilars are becoming increasingly established in Europe and show enormous potential in the USA.
Formycon AG, with its head office in Martinsried near Munich, ended the financial year 2013 very successfully and has thus created a comfortable starting position for further positive business development. In December 2013, much earlier than planned, Formycon successfully licensed out the first development project. In addition, Dr. Carsten Brockmeyer, one of the world's leading biosimilar experts, joined the board of directors. In November 2013, Formycon also appointed Dr. Gerhard Schaefer, former Head of Global Product and Business Development at Sandoz International, and Simon Sturge, previously Corporate Senior Vice President at Boehringer Ingelheim, to the advisory board. The company can thus count on further expertise and many years of experience.
Formycon is specialised in the development of biosimilars, the more cost-effective follow-on products of complex, biotechnologically manufactured medicines. Because ever more biotechnologically manufactured medicinal products are being authorised (+ 12-15 % per annum), the market for biosimilars is also increasing: according to estimates, the total volume in the year 2020 will be over 15 billion USD. The large pharmaceutical companies are showing a correspondingly great interest in these products. However, in contrast to the generic preparations of standard, chemically synthesised active substances, the development of biosimilars is very complex and expensive, demanding high requirements from the know-how and experience of the teams.
Concentration on the third wave of biosimilars
Formycon AG is one of the few companies in the world that have the expertise for developing biosimilars - also for highly regulated markets such as Europe, the USA and Japan - and has taken on a clear pioneering role in this innovative and demanding market. "We are concentrating specifically on the so-called third wave of biosimilars, i.e. products whose patents expire as of the year 2020," explains Dr. Nicolas Combé, Director and CFO of Formycon AG.
Partner successfully found for the first project - further licensing out and extension of the pipeline planned
Formycon currently has two projects in development. The company successfully licensed out one of them to Santo Holding GmbH in December 2013, ahead of plan. On behalf of Santo and its partners Andreas and Thomas Strüngmann, founders and former owners of the generics manufacturer HEXAL, Formycon will bring the first development project to market maturity. From this contract, Formycon is reckoning with success-based payments in the mid thousand million range, which will make it possible to realise the further development of the pipeline earlier than planned.
IR & PR Manager
SOURCE Formycon AG