Under a new joint venture, Harmony Asset will pay development costs for Dance Biopharm’s Adagio inhaled insulin in Asian countries, including Korea, India, Indonesia and Australia, Dance has announced. The agreement excludes Japan. Harmony will have majority ownership of the joint venture, and the board of directors will be comprised of an equal number of representatives from each company.
Dance Chairman and CEO John Patton said, “We are excited to partner with Harmony on this joint venture and believe that Harmony’s strong expertise in China and extensive connections among China regulatory, manufacturing, and pharmaceutical business leaders will be invaluable as we move toward product approval of Adagio inhaled insulin. With the help of Harmony, we have already begun a process to select a commercialization partner for mainland China. We are in active communication with regulatory authorities in Europe and the United States regarding our path to approval for Adagio, and this joint venture represents an important part of our strategy to pursue product approval with multiple regulatory authorities in parallel in order to get this product to millions of diabetic patients in need, worldwide.”
Harmony CEO Augustine Chow commented, “We are very excited with this opportunity to partner with Dance. We believe this company holds the key to improving the well-being and lifestyle of millions of diabetic patients everywhere. We are thrilled to be bringing these amazing products to Asia Pacific, and we are committed to taking Adagio through regulatory authorities and identifying strategic partners in each country as soon as practical.”
Adagio is formulated as an inhalation solution delivered by a handheld nebulizer. According to Dance, the reasons for choosing a liquid formulation include “lowering manufacturing costs, eliminating cough, and facilitating ease-of-use.” Dance reported positive results from a Phase 1/2 PK study of Adagio in August 2013.
Read the Dance Biopharm press release.
