Amgen enters oncology joint venture in China

Amgen has announced it has entered into an agreement with Zhejiang Beta Pharma Co., Ltd to form a joint venture to commercialise Amgen's colorectal cancer drug, Vectibix, in the Chinese market.

Vectibix (panitumumab) is a prescription medicine for the treatment of metastatic colorectal cancer (mCRC) and is the first human anti-epidermal growth factor receptor (EGFR) antibody approved by the U.S. Food and Drug Administration (FDA) approved for this treatment. It's now approved in over 40 countries worldwide.

Amgen's new joint venture aims to quickly and efficiently deliver Vectibix to patients in China, with the help of Zhejiang Beta Pharma's strong expertise in the development and commercialization of molecularly targeted therapies as well as the company's industry-leading oncology sales network in China.

"This joint venture brings us one step closer to providing Chinese patients with Amgen's medicines and supports our strategy of expanding in key, fast-growing markets. We are pleased to have the opportunity to join forces with Zhejiang Beta Pharma, a leader in developing and commercializing innovative medicines that shares our goal of making a new treatment option available to colorectal cancer patients in China."

Anthony C. Hooper, executive vice president at Amgen.

According to the new agreement, the joint venture will be called Amgen-Beta Pharmaceuticals. Zhejiang Beta Pharma will own 51% and Amgen will own the remaining 49% interest in the joint venture. The agreement is subject to the satisfaction of certain closing conditions, including the approval of relevant government authorities in China.