Philadelphia Business Journal | John George | January 9, 2013
Onconova Therapeutics entered into a partnership Wednesday with GVK BIO, a contract research-and development organization based in India, to develop new drugs to treat cancer.
Dr. E. Premkumar Reddy, the scientific founder and director of Onconova, will oversee the biology and biomarker aspects of the partnership. Onconova of Newtown, Pa., will provide two of its discovery targets for potential new cancer therapies, while GVK BIO will use its drug-discovery technology to advance these programs through to identifying and optimizing the selection of new drug candidates.
Under the terms of the alliance, GVK BIO will be eligible to gain an increasing share of the programs as they advance, up to a 50/50 split, based on achievement of development milestones and funding brought into the joint partnership. Onconova is retaining the rights to buy back the programs.
Onconova’s lead drug candidate, rigosertib, is in late-stage testing as a potential treatment for myelodysplastic syndrome, formerly known a preleukemia, and pancreatic cancer.