HSINCHU, Taiwan and WUHAN, China, August 16, 2019 — JHL Biotech has reached a settlement agreement with Genentech to resolve Genentech’s civil claims related to the development of certain biologic therapies, or “biosimilar” medicines. After careful consideration, we determined the settlement provides the best path forward for the company to focus exclusively on delivering high-quality and affordable biosimilar medicines to patients in need. It also removes the costs and uncertainty associated with protracted litigation.
Under the terms of the agreement with Genentech, JHL will immediately forgo further development and clinical trials of biosimilars for rituximab, dornase alfa, bevacizumab, and trastuzumab, other than as required for patient safety and compliance with applicable regulations. However, this will have no impact on JHL’s ability to continue development of the remainder, and majority, of our biosimilar pipeline or on our ability to continue to expand our CDMO business. As part of the agreement, JHL will not pay any damages to Genentech.
We are pleased to have resolved these claims and put this chapter behind us. JHL remains well-positioned to capture growing market opportunities and implement our long-term strategic plan for sustainable growth, including focusing on executing the rollout of our biosimilar pipeline and the global expansion of our CDMO business. This plan will create long-term value for our shareholders, bolster our strong financial position, and capitalize on the market’s continued optimism in our business.
Amber Chen: email@example.com phone: +886 3-658-3899
About JHL Biotech
JHL Biotech, Inc. is a biopharmaceutical startup founded by a group of industry veterans with deep experience in pharmaceutical development and operations. JHL is backed by premier financial firms, including Kleiner Perkins Caufield & Byers, Sequoia Capital, Biomark Capital, Milestone Capital, Fidelity, VMS Investment Group, and the China Development Industrial Bank. JHL Biotech’s mission is to provide the world with low-cost medicines of exceptional quality. JHL is focused on continuing to provide the highest-quality CDMO services for our esteemed clients and also research and development of new protein-based therapies and biosimilars. JHL has two world-class facilities built in accordance with United States, European Union, and ICH cGMP regulations and standards and can produce biological products to be marketed globally. For more information, please visit www.jhlbiotech.com.