Dance Biopharm announced that it has bought back the Asia license for its Dance-501 soft mist inhaled insulin by purchasing the license holder, Harmony Biopharm Limited, from Harmony Plus Holdings Limited (Harmony). Dance said that Harmony will receive stock and a percentage of future sales of the product in China and that Harmony will continue to advise Dance on development of Dance-501.
According to Dance, Harmony has helped Dance to develop a partnership with Chinese insulin maker Dongbao and to reach an agreement with the Chinese FDA that will eliminate the need for a Chinese Phase 3 study.
Dance Chairman and CEO John Patton commented, “We came to China looking for a partner like the Harmony group. We are delighted with this outcome. Navigating uncertain regulatory waters in China can be a challenge for any company. Dr. Augustine Chow and his team helped position us for success in China. We now have a single unified global Phase 3 program that includes the US, EU and China. Dance is extremely pleased that Harmony has agreed to continue to provide its support and advice to us for the development of Dance-501 in China under a consulting/advisory agreement.”
Harmony Asset Management Group Chairman Augustine Chow said, “From the first day I saw their technology, I knew they had a winner. We believe in the great potential that Dance-501 holds for the treatment of diabetes and this buyback is the result of our support for Dance’s new strategy of a stronger emphasis on Asia Pacific. As shareholders of Dance Biopharm, we look forward to assisting Dance in opening the pathway toward product approval in Asia.
Earlier this year, Dance announced the appointment of Steve Thornton to its board of directors.
Read the Dance Biopharm press release.
