DATE: 10 June 2024

CATEGORY: PRESS RELEASE

Ichnos Glenmark Innovation Announces Sale of GMP Manufacturing Facility in Switzerland to Canton Biologics

–  IGI focusing resources to accelerate development of cutting-edge therapies for the treatment of hematological malignancies and solid tumors

–  IGI contracted with Canton Biologics as CDMO, ensuring priority access for manufacturing clinical supply of novel therapeutics in development

New York, USA, June XX, 2024: Ichnos Glenmark Innovation (IGI), an alliance between Ichnos Sciences Inc., a global fully-integrated clinical-stage biotech company developing multispecifics™ in oncology, and Glenmark Pharmaceuticals Ltd., announced today the sale of the Ichnos good manufacturing practice (GMP)-certified biologics process development and manufacturing facility in La-Chaux-de-Fonds, Switzerland to  Canton Biologics of Guangzhou, China. Upon completion of the sale, Canton Biologics will move the assets to a new Swiss entity, FyoniBio SA. The transaction includes priority access for manufacturing clinical supply of IGI’s novel oncology therapeutics as part of the contract development and manufacturing (CDMO) agreement with Canton Biologics, ensuring there will be no disruptions in clinical trials following the sale.

“As part of the recent alliance between Ichnos and Glenmark, we evaluated all of our operations and chose to streamline our supply chain to be more nimble,” said Cyril Konto, President & CEO, Ichnos Glenmark Innovation. “In the past few years, Ichnos leveraged its manufacturing site to refine the process development of its proprietary BEAT®[1] technology enabling the company to manufacture highly complex, full-length multispecific antibodies quickly and with a high yield. Now we are refocusing our resources on the development of our novel multispecifics and immunostimulating small moleculesto treat hematological malignancies, and soon solid tumors.”

In addition to the facilities in La-Chaux-de-Fonds, approximately 60 employees will transition to FyoniBio SA as part of the transaction.

“We are pleased to continue our relationship with IGI while growing our footprint in Europe,” said Xiao Schen, PhD, founder and CEO of Canton Biologics. “The acquisition of IGI’s biologics development center enables us to expand our CMC management services, as well as our ability to supply complex proteins to other biotech companies in Europe and the United States.”

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About Ichnos Glenmark Innovation
Ichnos Glenmark Innovation (IGI) is an alliance between Ichnos Sciences Inc., a global fully-integrated clinical-stage biotech company developing multispecifics™ in oncology, and its parent, Glenmark Pharmaceuticals Ltd. (Glenmark), with the aim to accelerate new drug discovery in cancer treatment. IGI combines Ichnos’ research and development proficiencies in novel biologics with those of Glenmark’s in new small molecules to continue developing cutting-edge therapy solutions that treat hematological malignancies and solid tumors. Harnessing the combined proficiency of over 150 scientists and a robust pipeline of novel molecules, this collaboration will leverage the capabilities of its three global centers of innovation spread across the USA, Switzerland and India to propel Innovation. For more information, visit www.iginnovate.com.

[1] BEAT® is an acronym for our patented Bispecific Engagement by Antibodies based on the TCR technology platform.

For more information, please contact:
IGI Corporate Communications Team
Corporate.communications@iginnovate.com