GVK Biosciences and Onconova Therapeutics to jointly develop cancer drugs
The two companies have come together to develop new drugs for cancer.
New Delhi, January 9, 2013: The US-based Onconova Therapeutics and the contract research firm GVK Biosciences have entered into a joint partnership to develop new drugs for cancer.
As per the announcement, the joint partnership will be based in the US and will align the research priorities and technological expertise from both companies to facilitate moving certain Onconova oncology assets from early discovery to clinical development stage.
While Oncova will be providing the two discovery targets with early chemical equity, GVK will use its multi-disciplinary discovery platform to advance these platforms taking cue from lead optimisation and IND candidate selection.
The companies also said in a statement that GVK will gain an increasing share of the programmes as they advance, up to a 50-50 split based on achievement of milestones/funding brought into the joint partnership. However, Onconova retains the rights to buy back the programmes.