Affitech, Pharmstandard deal
NauchTekhStroy Plus LLC ( NTS Plus) transferred rights to develop and commercialize Affitech's cancer candidates AT001 and AT008 in Russia and other countries of the Commonwealth of Independent States to newco International Biotech Center Generium (IBC Generium). IBC Generium paid Affitech a €2.5 million ($3.5 million) license fee for AT001, which is slated to begin Phase I testing in Russia this year, and will pay €2 million ($2.8 million) for AT008. Affitech is eligible for up to €18.5 million ($26.3 million) in milestones and high single-digit percentage royalties on all net product sales.
NTS Plus was founded by Pharmstandard and Russian entrepreneur Aleksandr Shuster as a construction company to build a research park in Russia and it acted as the legal entity to gain rights to Affitech's compounds for the park's development portfolio. Affitech said that Shuster and Pharmstandard's Victor Kharitonin decided to establish IBC Generium to now be in charge of the park's R&D activities (see BioCentury, April 26, 2010). ...