Watson to contribute up to US$400m in co-development costs
Amgen is to work with Watson Pharmaceuticals on the development of several oncology antibody biosimilars.
Under the terms of the collaboration, US biotechnology firm Amgen will take primary responsibility for developing, manufacturing and initially commercialising the products, while Watson will contribute up to US$400m in co-development costs and share product development risks.
The products will be sold under a joint Amgen/Watson label and Watson will receive royalties and sales milestones.
The collaboration will not pursue biosimilars of Amgen’s proprietary products.
Robert Bradway, president and chief operating officer at Amgen, said biosimilars provide an exciting long-term growth opportunity for Amgen.
Paul Pisaro, president and chief executive of Watson, added that the collaboration places Amgen and Watson in ‘an unparalleled position in the global biosimilars market by capitalising on best-in-class capabilities in both innovative biologics and specialist pharmaceuticals and generics’.
Pisaro also said Watson believes that biosimilars are the ‘next frontier in the evolution of the healthcare market’.