Wockhardt's subsidiary Wockhardt Bio AG has partnered with China's Jiangxi Jemincare Group Company (Jemincare) for supplying Wockhardt's novel patented antibiotic Nafithromycin in People's Republic of China, Hong Kong, Macau and Taiwan.
Nafithromycin is novel broad spectrum antibiotic belonging to the lactone/ketolide class for respiratory tract infections. Nafithromycin is active against entire range of bacterial pathogens associated with community-acquired bacterial pneumonia including macrolide resistance strains which is around 80% in China and several other Asian countries. Wockhardt has completed global clinical Phase I and II studies with Nafithromycin.
Under the terms of the definitive agreement, Jemincare will be responsible for exclusive development and commercialization of the Nafithromycin in the select markets. A joint steering committee is formed to oversee development and regulatory activities.
Wockhardt will receive an upfront payment and will be eligible for regulatory-linked milestone payments. Further, Wockhardt would supply the product to Jemincare and will receive royalties on net sales. Wockhardt would transfer the manufacturing technology to Jemincare at mutually agreed time.
Dr. Habil Khorakiwala, founder chairman of Wockhardt Group said, Wockhardt has been at the forefront in the fight against anti-microbial resistance (AMR) which has been identified as one of the top threats by WHO. Our novel drug discovery program of around 20 years has yielded a rich pipeline of products which are at different stages of commercialization. This arrangement upholds our commitment in the fight against AMR.
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Wockhardt will continue to develop Nafithromycin for other markets including India where Phase III clinical study is on-going.
We are happy to partner with a company of repute like Jemincare in China, which is also one of the biggest market. We are confident that Jemincare with its excellent standing in the China market will do full justice to the potential of the product., noted Dr. Murtaza Khorakiwala, managing director, Wockhardt.
Wockhardt is a research based global pharmaceutical and biotech company.
The company's net loss (from continuing operations) contracted to Rs 48.69 crore in Q1 FY22 compared with net loss of Rs 218.94 crore in Q1 FY21. Revenue from operations (from continuing operations) soared 57.08% to Rs 278.95 crore in Q1 FY22 over Q1 FY21.
The scrip was down 2.44% at Rs 425.95 on the BSE. It zoomed 6.47% to hit the day's high at Rs 436.60 in early trade today.
On the BSE, Wockhardt registered volume of 9.82 lakh shares on the BSE compared with two-week average daily volume of 0.59 lakh shares. The counter clocked volumes of 24,51,139 shares on the NSE.
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