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GVK Bio, a contract research and development organisation, and Onconova Therapeutics, a US-based biopharmaceutical company, have entered into a partnership to develop new drugs for cancer.
The joint partnership will be based in the US. It will align research priorities and technological expertise from both companies to facilitate moving certain Onconova oncology assets from early discovery to clinical development stage.
E. Premkumar Reddy, founder and director of Onconova, will oversee the biology and biomarker aspects. Onconova will provide two discovery targets with early chemical equity, while GVK Bio will use its multi-disciplinary discovery platform to advance these programmes.
Onconova Therapeutics, based in New Jersey, is primarily focused on discovery and development of novel small molecules for oncology.
As per the terms of partnership, GVK Bio will gain an increasing share of the programmes as they advance, up to a 50/50 split based on achievement of milestones/funding. Onconova retains the rights to buyback the programmes.
The Hyderabad-based GVK Bio intends to develop new and innovative models for drug discovery in collaborative mode. The partnership is in that direction, Chief Executive Officer Manni Kantipudi said.
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