NEW YORK, Oct. 28, 2020 /PRNewswire/ -- M.S.Q. Ventures ("MSQ") announced today that its client, BioInvent International, AB ("BioInvent"), has successfully entered into a licensing agreement with CASI Pharmaceuticals, Inc. ("CASI") for the development and commercialization of BI-1206 in the Greater China region. BI-1206 is BioInvent's proprietary clinical stage anti-FcγRllB antibody developed to treat a variety of cancers including Non-Hodgkin's lymphoma and advanced solid tumors.
Martin Welschof, Ph.D., CEO of BioInvent, stated, "The agreement is a further validation of BioInvent's robust discovery platform and innovative clinical program, where we welcome new opportunities to develop therapeutics for patients in additional regions, as we did here for Greater China in partnership with CASI." Dr. Welschof said, "MSQ team has been working seamlessly as our external team focused on developing and executing China strategy and diligently helped us identify, evaluate and advise on current and future strategic opportunities to continue to expand BioInvent's capability to deliver for cancer patients in the region. We appreciated MSQ's help so that we can complete this transaction smoothly and expediently in mostly virtual fashion during this challenging time."
Wei-Wu He, Ph.D., Chairman and CEO of CASI, said, "Our goal at CASI is to pursue innovative drugs to complement our core pipeline and therapeutic areas. BI-1206's potential to be used in combination with leading immunotherapy agents fits very well with our strategic thinking and is what attracted us to this opportunity. We are impressed with BioInvent team's accomplishments to date and we look forward to greater success together."
"BioInvent's lead asset BI-1206 is complementary to CASI's pipeline. The two teams have a good cultural fit which is important for global clinical development and commercialization of BI-1206. Clinical development in China will accelerate BI-1206's overall global development timeline, creating significant value," said Echo Hindle-Yang, CEO of MSQ. "We congratulate Martin, Wei-Wu and the team of BioInvent and CASI on this remarkable achievement."
MSQ Ventures is a New York-based cross-border advisory firm that bridges the healthcare industries globally by offering our deep knowledge, strong network, and local insights into the China market. From understanding key segments of the China healthcare market to identifying and vetting the high potential counterparties to negotiating deals aimed at maximizing value creation, our team focuses on results, prioritizes efficiency to guide our clients through the entire process.