Glycyx Therapeutics, a pharmaceutical development company founded and based in Douglas, has announced the signing of a global development deal with a big Koren company, SK Biopharmaceuticals.
They will develop a drug candidate called relenopride.
While details of exactly what that will do cannot yet be disclosed, it is aimed at a rare complication of a common neurological condition.
The announcement of the deal was made at one of the largest healthcare investor events in the world, JP Morgan’s 36th annual healthcare conference in San Francisco.
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Glycyx is a member of Manx Biomed, the organisation that represents the Isle of Man’s growing cluster of firms dealing in biology and medicine.
Glycyx founder and chief executive officer Dr Lorin Johnson signed the licence and joint venture agreement, which has resulted in the formation of a new Isle of Man-based company as a joint venture between Glycyx and SK Biopharmaceuticals, which is part of the SK Group.
Dr Johnson is also a well-known and frequent participant in Manx Biomed events and a part-time Manx resident.
Dr Johnson said: ’This deal is a major milestone for the evolution of Glycyx, giving us a great drug candidate with potential for over $1bn in annual sales.
’We are honoured and privileged that SK chose to work with us - which is testament to their confidence in our expertise in gastrointestinal disease.
’Credit must also go to our Isle of Man professional services providers, without whose support the deal would not have been achieved, especially Appleby, Equiom, PWC, and Barclays.’
Dave Taggart, Glycyx chief operating officer, and spokesperson for the Manx Biomed Cluster, said: ’The deal is obviously great news for Glycyx, but it could also be great news for Manx Biomed and maybe even the wider Isle of Man economy given the size and diversity of our partner.’
While no drugs will be manufactured in the island, the company is managed here while research and development is carried out elsewhere in the world.
Lawrie Hooper MHK, political member at the Department for Enterprise with responsibility for biomed, said: ’The announcement of the deal signed between Glycyx and SK Biopharmaceuticals is very encouraging for the Isle of Man’s biomed sector and recognises our ecosystem of investment, support, and innovation.’
He added: ’The island is increasingly being recognised as a location of choice for conducting biomed business, with our Manx Biomed member companies working across a wide range of areas, including industry-tailored pre-clinical and clinical drug development, manufacture of medical devices, regulatory, compliance, audit and medical insurance.’