Juno therapeutics and WuXi AppTec Form New Company to Develop Cancer Immunotherapy in China
Shanghai based WuXi AppTec and Seattle based Juno therapeutics join hands to form JW biotechnology solutions in China – a joint venture to develop cancer immunotherapy. JW biotechnology solutions will develop novel cell based immunotherapies for Chinese patients with hematologic and solid organ cancer.
Both these companies have an equal initial ownership in JW biotechnology. This joint venture will get license for development and commercialization of drugs in China through Juno’s pipeline after fulfilling certain necessary conditions. Juno will receive an unrevealed amount of money in equity beforehand. In addition to this, the company will also receive certain milestone payments and royalties on every sale.
However, the amount of investment by Juno and Wuxi in the new company was not disclosed.
JW Biotechnology (Shanghai) Co., Ltd will leverage Juno‘s expertise in cell therapy technologies and WuXi AppTec’s excellence in contract services, and collaborate broadly with Chinese medical communities and government regulators to develop cell therapies that will deliver cutting-edge cancer treatments to Chinese patients.
“These novel technologies offer a unique opportunity that holds the potential to save lives while transforming the treatment of cancer“, as quoted by Dr. James Li, CEO of JW Biotechnology (Shanghai) Co., Ltd. in the press release.
Dr. Li, formerly a partner with Kleiner Perkins, is a co-founder of JW Biotechnology and will sit on the company’s board of directors, along with Juno President and CEO Hans Bishop, Juno CFO and head of corporate development Steve Harr, M.D., and Edward Hu, WuXi AppTec’s CFO and Chief Investment Officer. JW Biotechnology will be leaded by Ge Li, Ph.D., chairman and CEO of Wuxi AppTec.
Wuxi has initiated a project in Shanghai aiming at development and manufacturing of drugs with an investment of 120 million dollars in biologics facility for the project. The company has been expanding manufacturing and clinical operation in China.