Sanofi has formed an alliance with JHL Biotech, a Taiwan-based biopharmaceutical company, to develop and commercialize biosimilars in China, with potential for international expansion.

Under the agreement, Sanofi will invest $80 million in newly issued JHL shares at Taiwan New Dollar 90 ($2.81) per share. In addition, Sanofi will make an upfront payment of $21 million to acquire exclusive rights for the proposed biosimilar of rituximab, Roche’s blockbuster anti-cancer biologic marketed as MabThera/Rituxan, as well as options to certain JHL pipeline products.

JHL will lead the development, registration, and manufacturing activities while Sanofi will lead commercialization efforts in China. JHL is entitled to receive milestones of up to $236 million and sales royalties.

Source: JHL Biotech