GeneMedix links with Malaysian firm for insulin production

GeneMedix and Penang Development of Malaysia have signed a letter
of intent that will see the two establish a new company in the
latter country's second city, at a cost of $34 million (€29m), for
the development, manufacture and commercialisation of human insulin

UK-based GeneMedix and Penang Development of Malaysia have signed a letter of intent that will see the two establish a new company in the latter country's second city, at a cost of $34 million (€29m), for the development, manufacture and commercialisation of human insulin.

Under the terms of the agreement, GeneMedix will out-license its existing insulin know-how to the newly created entity and will use its experience to construct and operate a current Good Manufacturing Practices-compliant facility in Penang. The total investment in the project will be funded from a variety of sources including development loans, grants and an issue of equity in the new firm to local investors.

GeneMedix will receive an up-front milestone payment and royalty fee payable on sales of bulk product. Meantime, the development of the full-scale industrial process for insulin will be completed by GeneMedix at its own expense and transferred into the facility, which is scheduled for completion in mid-2005.

Related products

show more

INDENA ALWAYS AT THE FOREFRONT FOR CDMO SERVICES

INDENA ALWAYS AT THE FOREFRONT FOR CDMO SERVICES

Indena | 25-Oct-2022 | Technical / White Paper

Indena is well known in the space of naturally derived molecules, with a know-how developed over its one hundred year history. At the same time, the company...

Related suppliers

Follow us

Products

View more

Webinars