Oramed Pharmaceuticals (NASDAQ, TASE:ORMP) signed a non-binding term sheet with Hefei Tianhui Biotech to establish a joint venture based on Oramed’s oral drug delivery technology.
The proposed JV would focus on the development and worldwide commercialization of innovative products based on Oramed’s oral insulin and protein oral delivery pipeline and Hefei’s manufacturing capabilities and technologies.
Under the accord, Hefei would invest $60-million in the joint venture and Oramed $10-million.
In a statement, Nadav Kidron, CEO of Oramed, said Hefei has successfully completed a Phase 3 oral insulin trial and submitted an NDA to the National Medical Products Administration, with marketing approval currently pending in China.
“This JV is a true opportunity to leverage our strengths as well as those of our partners to fast-track our pipeline towards commercialization,” Mr. Kidron said.
