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Evestra Inc. President and CEO Ze'ev Shaked said the company has a new deal with Hungary-based Gedeon ...
Evestra Inc. President and CEO Ze'ev Shaked said the company has a new deal with Hungary-based Gedeon Richter. CARLOS JAVIER SANCHEZ | SABJ
By W. Scott Bailey, San Antonio Business Journal
Evestra Inc. is expanding its relationship with a Hungarian firm that could give the San Antonio-based biopharmaceutical research and development company another timely lift and greater global exposure.
Evestra has entered into a collaborative partnership with Gedeon Richter Plc., a specialty pharmaceutical company. Under the terms of the deal, the Alamo City company, which has a therapeutic focus on women's health, will provide research and development support for a female urological product. In return, Gedeon Richter will secure rights to commercialize the product in certain markets outside the U.S.
"It is an Evestra product, and Richter gets a license for certain territories," Evestra President and CEO Ze'ev Shaked said.
Neither side will say much more about the arrangement. But both companies confirmed that the deal will include upfront payments for product research, as well as early development funding.
The agreement is also structured to include clinical development, regulatory and sales performance milestones, and royalty payments for commercialization of the unnamed product.
Gedeon Richter, which has a global portfolio that includes an extensive line of gynecological products, struck a similar deal with Evestra in early 2014 involving contraceptives.
In February 2015, I reported that Evestra had lined up $5 million in financing in the form of a convertible loan from the Hungarian company. That money was tied to a plan to accelerate the commercialization of Evestra's products.
Under the terms of the agreement as reported at the time, Gedeon Richter had an option after three years to cash in the convertible loan with earned interest or to convert the loan to an equity stake in Evestra.
The Texas Biomedical Research Institute spun off Evestra in 2008 with research and staff from its organic chemistry department.