Elektrofi and Janssen Biotech Enter Worldwide Collaboration and License Agreement to Exclusively Develop up to Five Programs Utilizing Elektrofi’s Formulation Technology
Agreement provides potential opportunity for oncology patients to have access to improved therapies
BOSTON, January 3, 2024 (GLOBE NEWSWIRE)
Elektrofi, Inc., a biopharmaceutical formulation technology company focused on transforming the delivery of biologic therapies through strategic partnerships, announced today that it has entered a multi-target worldwide research collaboration and license agreement with Janssen Biotech, Inc. (Janssen), a Johnson & Johnson company. This collaboration will initially focus on developing an at home self-administered subcutaneous version of a lead oncology asset. The agreement was facilitated by Johnson & Johnson Innovation.
"Our strategic partnership integrates Elektrofi's formulation expertise with Janssen's proven oncology development and commercialization strengths," said Chase Coffman, Ph.D., Chief Executive Officer of Elektrofi. "By shifting the setting for certain Janssen oncology therapeutics into the home, and enabling the convenience of self-administration, this collaboration aims to improve access to groundbreaking treatments for patients that need it most. These next generation therapies not only have the potential to enhance patients’ lives, but also transform their overall treatment experience."
Under the terms of the agreement, Elektrofi will receive an upfront payment of $18 million in exchange for Janssen receiving the exclusive right to a lead Janssen oncology target and up to four additional targets. Elektrofi will be eligible to receive future milestones surpassing $155 million per target, subject to achieving developmental, regulatory, and sales-based milestones, as well as a tiered upper mid-single digit royalty on global net sales for commercialized products. Janssen will be responsible for each product’s clinical development and commercialization.
The strategic partnership with Janssen further expands the use of Elektrofi's innovative formulation technology platform. Through its collaborations with leading pharmaceutical companies, Elektrofi has the potential to develop up to 12 unique products with its partners.
“We are united in our partners' success, and we are as driven as they are to bring their biologic therapies to patients in new ways by enabling them to be subcutaneously delivered, at-home or anywhere a patient desires,” said Coffman.
About Elektrofi
Elektrofi is a biopharmaceutical formulation technology company that is revolutionizing the delivery of biologic therapies by giving patients the ability to control how they want to receive and benefit from life-changing medicines. Our breakthrough ultra-high concentration microparticle technology platform resolves the limitations associated with intravenously delivered biologic therapies by enabling convenient at-home subcutaneous self-administration. With a focus on monoclonal antibodies, therapeutic proteins, and other large molecule drugs, we create, develop, and commercialize subcutaneous biologic therapies in collaboration with strategic partners. We believe a patient-centered healthcare approach can lead to a healthier world. We are headquartered in Boston and innovate globally.
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Elektrofi Media Inquiries: media@elektrofi.com