ADC Therapeutics and Overland Pharma Form Strategic JV to Expand ADC Drugs Development and commercialization in Greater China and Singapore, Advised by MSQ Ventures
NEW YORK, Dec. 15, 2020 /PRNewswire/ -- M.S.Q. Ventures ("MSQ") is pleased to announce that its client, ADC Therapeutics SA (NYSE: ADCT), has successfully entered into an agreement to jointly form a new company, Overland ADCT BioPharma (CY) Limited with Overland Pharmaceuticals, a fully integrated, biopharmaceutical company backed by Hillhouse Capital.
Under the terms of the agreement, ADC Therapeutics licensed exclusive development and commercialization rights to Lonca, ADCT-602, ADCT-601 and ADCT-901 for greater China and Singapore to Overland ADCT Biopharma, in which Overland Pharmaceuticals has invested $50 million. Overland Pharmaceuticals will have a 51% stake and ADC Therapeutics a 49% stake. ADC Therapeutics can also earn milestone payments and royalties from the license agreement with Overland ADCT BioPharma.
"As we prepare for the potential U.S. launch of Lonca in 2021, we are delighted that Overland ADCT BioPharma will expand access to the therapy, as well as three of our other pyrrolobenzodiazepine (PBD)-based antibody drug conjugates, to address patient needs in greater China," said Chris Martin, CEO of ADC Therapeutics. "The MSQ team has been working from A to Z to help us understand China's market, develop a plan, execute strategic objectives, and advise on this transaction. Their systematic approach and laser focus on results contributed to our success."
Ed Zhang, Co-founders of Overland Pharmaceuticals, stated, "We are excited to bring these first four candidates into Overland ADCT BioPharma's portfolio and look forward to developing this new company into a leading oncology player in China. We are pleased to work with ADC Therapeutics, a pioneer in the field of ADCs, on this strategic venture. MSQ's professionalism and understanding of both parties' objectives helped to expedite this successful transaction especially during COVID-19."
As ADC Therapeutics embarks on this exciting phase of its global plan, Echo Hindle-Yang, CEO of MSQ reflected on the transaction, "This new cross-border venture is another example that even in the era of COVID-19, global innovators such as ADC Therapeutics and Overland Pharmaceuticals have joined forces. We are heartened by what this could mean for cancer patients. We congratulate both teams and look forward to more breakthroughs from them in the future."
M.S.Q. 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.
Echo Hindle-Yang, CEO, MSQ