Abu Dhabi-based Neopharma, a leading pharmaceutical manufacturing company, and US-based Elevar Therapeutics have entered into an agreement to establish a joint venture in UAE with 50:50 partnership.

The venture plans to establish a specific sales network for Rivoceranib, a targeted anticancer drug and conduct clinical trials for other pipeline candidates, said a statement from the company.

Neopharma a global pharmaceutical company will undertake commercialising responsibility through its presence in various countries of Middle East and North Africa (Mena) and India, it said.

Suresh Kumar Nandiraju, chief operating officer of Neopharma, said: “This joint venture is an embarking step to critical care complex oncology candidates and symbolises our commitment towards addressing unmet treatment needs of patients.”

“We are very keen on expanding our immuno-oncology portfolio and Rivoceranib along with other pipeline molecules would strengthen our product offerings globally with a commitment to offer better life for patient,” he said.

Rivoceranib is the first successful small-molecule angiogenesis inhibitor in gastric cancer. Rivoceranib acts by inhibiting angiogenesis, a critical process in cancer growth and proliferation.

Specifically, Rivoceranib selectively inhibits VEGFR-2 which mediates the primary pathway for tumour-mediated angiogenesis.

Rivoceranib has been clinically tested in over 1,000 patients worldwide and has demonstrated efficacy in numerous cancers including gastric cancer, CRC, HCC, NSCLC, esophageal cancer, thyroid cancer, mesothelioma, and neuroendocrine tumours, it stated. – TradeArabia News Service