GVK Biosciences, Onconova ink pact to develop cancer drugs

New Delhi: Contract research organisation GVK Biosciences has inked a pact with US-based Onconova Therapeutics to develop new drugs for treatment of cancer.

The Hyderabad-based firm and Onconova Therapeutics have entered into a joint partnership to develop new drugs for cancer, GVK Biosciences said in a statement.

"The joint partnership will be based in the US and will align research priorities and technological expertise from both companies to facilitate moving certain Onconova oncology assets from early discovery to clinical development stage," it added.

As per the deal, Onconova will provide two discovery targets with early chemical equity, while GVK Biosciences will use its multi-disciplinary discovery platform to advance these programmes through lead optimisation and IND candidate selection, the company said,

GVK Biosciences will gain an increasing share of the programmes as they advance, up to 50-50 split based on achievement of milestones or funding brought into the JV. Onconova retains the rights to buy back the programmes, it added.

".. This announcement shows GVK Bio's commitment to new and innovative models for drug discovery with partners," GVK Biosciences CEO Manni Kantipudi said.

PTI