BASEL, Switzerland, Feb. 18, 2021 /PRNewswire/ -- Luye Pharma Group announced that its subsidiary Luye Pharma Switzerland AG has entered into an agreement with Towa Pharmaceutical Co., Ltd. (Towa), the terms of which grant Towa exclusive rights to the development and commercialization of Rivastigmine Multi-Day Transdermal Patch (Rivastigmine MD) in Japan.
Developed by Luye Pharma and indicated for the treatment of Alzheimer's disease, Rivastigmine MD employs an innovative drug delivery system via twice-weekly transdermal administration. Luye Pharma has filed and been issued a portfolio of international patents protecting this product. Currently, Rivastigmine MD is in the registration phase in Europe, and is soon to start phase III clinical studies in Japan.
According to the agreement, Luye Pharma has granted Towa the exclusive rights to develop and commercialize Rivastigmine MD in Japan. Towa will make an upfront payment to Luye Pharma upon the signing of the agreement, and will make milestone payments upon achievement of certain developmental, regulatory, and sales milestones. In addition, Towa will make royalty payments to Luye Pharma based on the sales of Rivastigmine MD.
Alzheimer's disease remains a major global health issue, and the number of patients is constantly growing. According to the World Alzheimer Report 2018, there is a new case of dementia every three seconds around the world. 50 million people worldwide were living with dementia in 2018, and this number is expected to reach 82 million by 2030[i]. While the development of new drugs in this therapeutic area is still a challenge, Rivastigmine remains a first-line drug in the treatment of dementia associated with Alzheimer's disease.
"The collaboration with Towa represents an important milestone in our commitment to addressing unmet needs for patients in Japan. By leveraging Towa's extensive business experience and operation system, we believe that this new therapy will bring benefit to patients in the country sooner," said Kiyoshi Kaneko, President of Luye Life Sciences Group (Japan). "We hope to build on this collaboration as a cornerstone of deepened relations in Japanese market, with the goal of bringing innovative drugs, services and technologies to both China and Japan."
Japan is one of Luye Pharma's key market with several new drugs currently undergoing clinical trials. The company will continue to make strategic advancements into the Japanese market, focusing on the central nervous system and oncology therapeutic areas, while seeking new collaborative opportunities with the aim of achieving mutually beneficial outcomes.
[i]World Alzheimer Report 2018, Alzheimer's Disease International, September 2018
About Rivastigmine Multi-Day Transdermal Patch
Rivastigmine Multi-Day Transdermal Patch (Rivastigmine MD) is a twice-weekly patch formulation of Rivastigmine for the treatment of Alzheimer's disease. The product was developed by Luye Pharma on its proprietary transdermal patch platform, and is one of the company's core products in the central nervous system therapeutic field.
About Luye Pharma Group
Luye Pharma Group (Luye Pharma), a member of Luye Life Sciences Group, is an international pharmaceutical company dedicated to the R&D, manufacturing and sale of innovative medications. The company has established R&D centers in China, the U.S. and Europe, with a robust pipeline of over 30 drug candidates in China and more than 10 drug candidates in other international markets. Along with a number of new drugs and new formulations in the central nervous system and oncology therapeutic areas under study in the U.S. Europe and Japan, Luye Pharma has reached high-level international standards in novel drug delivery technologies including microspheres, liposomes, and transdermal drug delivery systems, as well as actively making strategic developments in the fields of biological antibodies, cell therapies and gene therapies, among others.
Luye Pharma is developing a global supply chain of 8 manufacturing sites with over 30 production lines in total, establishing GMP quality management and international standard control systems. With more than 30 products covering the central nervous system, oncology, cardiovascular, metabolism and other therapeutic areas, business is conducted in over 80 countries and regions around the world, including the largest pharmaceutical markets - China, the U.S., Europe and Japan, as well as in fast growing emerging markets.