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EirGenix Corporate 法說會PresentationDecember 05, 2017
EirGenix台康生技 : A New Asia Development & Manufacturing Hub for Biologics一個嶄新的亞洲生技藥物開發與製造中心
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Forward Looking Statement Disclaimer
All information and other statements contained in thispresentation, other than statements of historical fact,constitute forward looking statements within the meaning offederal securities laws. These forward-looking statementsinvolve a number of risks, uncertainties, assumptions and otherfactors that could affect our future results and cause actualresults and events to differ materially from our historical andexpected results and those expressed or implied in theseforward looking statements.
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Development Center for BiotechnologycGMP BioPharmaceutical Pilot Facility
Formosa Laboratories A strategic Investor
Investment BankVC and NDF
SPIN OFF ACQUISITION
Confidential3
12/5/2012
Inception on 12/21/2012
March 15, 2013 The acquisition deal was signed
13Formosa Laboratories
%
Doctoral Degree
Master Degree
Bachelor Degree
Total Employees : 154
27 %
59 %
14 %
4
Major Investors
Formosa Laboratories, Inc. (Including 2 Affiliates) 13.9%
China Investment and Development CO.,Ltd. (including 8 Affiliates) 11.4%
National Development Fund, Executive Yuan 8.2%
CTBC Venture Capital Co., Ltd. 6.1%
Mega International Commercial Bank Custodial Trust Account 5.2%
Development Center of Biotechnology 5.2%
Northern Region Branch, National Property Administration, MOF 3.5%
Cathay Life Insurance Co., Ltd. 3.4%
DCI Partners Co., Ltd. 3.4%
Hang Tong Venture Capital Co., Ltd. 2.9%
Employees Holding Stocks & Options 6.8%
EirGenix Mission
“To provide the high quality and cost effective
Contract Development & Manufacturing services
for our clients, and to develop high quality and
cost effective biologic products together with
partner(s) to the benefit of our communities
and society as a whole”
Lee-Cheng Liu
President & CEO
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EirGenix Business Strategy – Sustainable Profit Growth
• CD&M SERVICES
• BIOSIMILARS
• Bio-betters/ Novel
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Lee-Cheng (L-C) Liu, Dr.Eng.Sci. | President & CEO
Ex-President & COO of AnGes with 30 years of leadership experience in Pharma, Biotech and specialty chemical industries. He holds a doctoral degree from Columbia University.
Thomas Schulze, Ph.D. | VP, Product & Business Development
Ex-CEO of Formycon and Avontec with more than 25 years of leadership experience in Pharma (Bayer AG) and Biotech. He holds a Ph.D. from Free University Berlin (Max-Planck Institute).
Chih-Jung (CJ) Chang, Ph.D. | VP, CDMO Business & PM
Ex-Director of PM for Oncology at TTY with 20 years experience in pharmaceutical industry. He holds a PhD from National Taiwan University.
Hsiu-Chuan (Cathy) Yang | VP & CFO, Finance Opertions
Ex-General Manager of ERS, a JV company between Fresenius and Excelsior, overseeing the operations of 100+ kidney dialysis centers in Taiwan. She holds a Master of Science in Accounting from Connecticut (U.S) and has 20 years of experiences in FMCG (Fast Moving Customer Goods) and medical industries.
You-Nan Shih, Ph.D. | Sr. VP, Quality Assurance & EHS
Ex-Chief Quality Officer of ScinoPharm Taiwan with more than 25 years of quality system management experience and has lead the team for inspections by FDA, EMA and PMDA. He holds a Ph.D. from
Frank Ho, Ph.D. | VP, Manufacturing & Technical Operations
Ex-Head of Technical Operations at A-Bio Pharma (Singapore) with more than 20 years experience in the US biotech industry. He holds a Ph.D. from UC Davis.
Shang-Chung (SC) Ju, Ph.D. | Executive Director, Process Engineering & Facility Operations
Ex-Head of Production at DCB BPPF with 25 years experience of research and production of biologics. He holds a Ph.D. from National Taiwan University.
Ae-Ning (Irene) Lin, Ph.D. | Executive Director, Analytical Sciences & Quality Control
Ex-head of Purification and Protein Characterizations at DCB BPPF with 25 years of experience of biologic product research and development. She holds a Ph.D. from University of Maryland College Park.
An Experienced Senior Management Team:
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Core
Competence
CDMO Business UnitProduct Development Unit
BiosimilarsSpecialty biologics
Novel Biologics/bio-betters
Process Development & Manufacturing Platform
Mammalian Cell line PlatformE. Coli. Cell line Platform
Core Competence and EirGenix Business Units
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Product Development Unit
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Market : Biosimilars – the Growing Business Opportunity
The global biologics market is projected to exceed US$390 billion by 2020, by which time biologics will account for up to 28% by value of the global market for pharmaceuticals.
Biosimilar medicines have the potential to enter markets by 2020 for a number of key biologics that have the current sales of more than US$50 billion.
The forecasting of biosimilar sales:
$0
$5
$10
$15
$20
$25
$30
2015 2016 2017 2018 2019 2020
USD
Bill
ion
High Basis
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351(a) Package
351(k) Package
Biosimilar development pathwayNovel biologics development pathway
Development pathways for novel biologics VS biosimilar
Development of novel biologics requires much higher resources for conducting non-clinical studies and a series of clinical trials
Development of biosimilar requires much higher resources to make a compound to be highly similar based on the physiochemical and biological product profiles
$$$$$
$$$
$$
$$
$$
R&D (target verification) 3 – 5 years$$
Non-clinical(Pahrm., Tox., PK)
Phase 1 Clinical Trial
Phase 2 clinical trial
Phase 3 clinical TRial
Efficacy and Safety
2 – 3 years
$$$
$
$
$
3 – 5 years
$
Phase 3 Clinical
Trial
PK/PDPhase 1 Clinical Trial
Pre-clinical
CMC, Biological Characterizations
CMC, Physiochemical Characterizations
Equivalency and Safety
3 – 4 years
5 – 7 years
Process Development
Analytics
Process Development
Analytics
CMC, Mol. Character.
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EirGenix’s Pipeline
Development IND / Phase I/II Phase IIIMAA/BLA
SubmissionBD/Alliance
Negotiations with potential business alliances in EU, Japan, Taiwan/Asia, Turkey/MENA and Brazil are ongoing
Co-develop with Formosa Laboratories
Co-develop with a Taiwanese pharma. Reagent business distribution agreement with a Japanese company.
EG1104X ADC Me too/Me better l Cancer
EG12014 (Trastuzumab)
Biosimilar l Cancer
EG74032 Carrier protein l Vaccines for infectious diseases and cancer *No need of clinical development just file DMF
EG12021 Biosimilar l Cancer
EG6205X Biosimilar l AMD & Cancer
EG1206X (Pertuzumab)
Biosimilar l Cancer
EG1307X (Trastuzumab – SC Formulation)
Biobetter l Cancer
He
r2 Fam
ily Pro
du
cts
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EirGenix Her2 Target Family Product Potential
• TRZ ADC (2024)
• Total market:>1bn
• Pertuzumab(2024)
• Total market:>5bn
• TRZ SC (2024)
• Total market: >1bn
• Trastuzumab IV (2020)
• Total market: >7bn$
ca. 200m$ >100m$
>100m$>500m$
Estimated peak sales(position of entry)
Trastuzumab i.v.EirGenix Top 5 (6)
Trastuzumab s.c.EirGenix Top 3
PertuzumabEirGenix Top 3
Tratuzumab ADCEirGenix Top 3
*Roche, IMS data, public sources and own projections
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EG12014 Product Development Status
EirGenix starts global Phase 3 trial for its Herceptin biosimilar EG12014 in Q2, 2018
EG12014 matches the US and EU reference product (critical quality attributes)
EG12014 is highly similar to Herceptin at all tested scales and across all structural
and functional tests under a comprehensive similarity assessment program
EG12014 (DS) successfully scaled up to 1,000L (Phase 3/commercial scale)
EG12014 demonstrated PK bioequivalence in a Phase 1 trial to both US and EU-sourced Herceptin
FDA (BPD2 meeting) and EMA consultation meeting completed in Q2, 2017
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Partnering Strategy I
Current deliverables and the need to differentiate determine the strategy
1. NOW: Strategic partnering
2. LATER: Product-specific partnering
Ad 1. Strategic partnering is favored due to
- Her2 Family of Proteins: Lifecycle Concept
- Market (competitive) launch position
- Commercial impact (fast and robust)
Ad 2. Products are based on Pipeline
- Future products can be partnered at higher value (once EirGenix commercial footprint globally established)
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Partnering Strategy II
Partnering By Territories (according to priority criteria):
priorities: strategy/scope of deal > market reach/muscle > price/market share
1. Global
2. Semi-Global
3. Regional
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Partnering Strategy III
Deal Structure (agreement scope)
Exclusive License, Development, Commercialization, Supply, (Option)
Product Co-development (50/50): share risk/reward
Milestone Payments
Product Supply (supply agreement)
Royalty Stream
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Income stream from EG12014 partnering
Single payment: upfront with signature
Co-development cost sharing
Milestone-driven Payments
Commercial drug supply (Zhubei facility)
Royalties from product sales
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CDMO Business
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$8,577
$53,803
$102,784
252,947 $253,812
$20,755
$148,122
$326,303$339,658
$363,868*
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
2013 (Apr-Dec) 2014 2015 2016 2017 (Jan-Oct.)
K N
TD
CDMO Business Striking Sustainable Growth
Rrvenue (K NTD)
Signed Contact Amount (K NTD)
2016 1H CDMO Break-even
100% 100%
75%
66%63%
0% 0%
25%
34%37%
0%
20%
40%
60%
80%
100%
2013 (Apr-Dec) 2014 2015 2016 2017 (Jan-Oct.)
%Revenue Analysis – Ratio of Domestic and
Overseas ClientsDomestic (%) Overseas (%)
21
78%
22%
64%
36%
0%
20%
40%
60%
80%
100%
Domestic Overseas
%
Signed Contact Analysis by 2016/2017 Compare to Domestic and Overseas Clients
2016 (%) 2017 (%)
64%42%
58%
0%
20%
40%
60%
80%
100%
Exist Customer New Customer
Exist Customers Return Ratio by Signed Contact on 2017
EU/US/JP/China/HK
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EirGenix Home Base : Taiwan, Japan, China and Asia
Expand to EU countries and North America
EirGenix’ CDMO Home Base and Extending Area
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~ $ 5bn
In 2020 CDMO in Asia will reach to $ 16.5 bn.
Biologics CDMO Global Market Trend
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EirGenix GMP Certificates -Planning and Milestone
Year Certificate and Inspection
2005Mammalian Cell culture production facility got the GMP certificatefrom TFDA
2013 Microbial production facility got the GMP certificate from TFDA
2014Mammalian cell culture and microbial production facilities were certificated by TFDA as a PIC/S facility
2017EirGenix got accreditation certificate of foreign manufacturer (AFM)
from minister of health, labor and welfare, Japan
Coming Event
2018 Expect to be inspected by Japan PMDA
2018 Expect to be inspected by EU EMA
2019-2020
Expect to be inspected by US FDA
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Stage I (2016 – 2018)Build Line 1: (1x50/200/1000L SUB) 1 set of 2x2000L (expandable to 3 sets of 2X2000L in Stage III)+ DSP, WH, QC Lab, PS, Office for (mfg/QC/QA/PS)
Stage II (2019 – 2021)Build Microbial facility 1x1000L, 2 DSP suites, HQ Offices
Stage III (2019 - 2024)Expand line1: adding 2 sets of 2x2000LBuild line 2: 3 sets of 6x2000L + DSP
Mammalian Cell Culture Production Lines
Microbial Fermentation Production Line - Planned
Plant Planning Production Line 1 2018 Fully Operational
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2017/12/04竹北生產廠工地實景
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Taiwan
Japan/CN
Asia
Global
2017 TOP in Taiwan
2020 TOP 5 in Asia
2022 As a Global player
Sustainable Revenue/
Profit Growth
Establish Capability
and Capacity
Extent Asia/Global
Business
The Vision of EirGenix CDMO Business
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Finance
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Total Fund Raising Activities since the Inception of EriGenix
Unit:000Until June, 2017
Source of Capital Dollar Amount
Initial Capital 8,000
Cash Injection 1,649,570
Employee Stock Option 26,518
Total 1,684,088
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NTD 1,684 million
Running cashNTD 49 million
Cash and time depositNTD 719 million
CapexNTD 506 million
Product developmentNTD 410 million
Total Usage of Fund RaisingUntil June, 2017
Conclusion
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EirGenix Five Years Productive Story
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Having been building up a strong senior management team Secured long term financing
Raised cash of NTD 1,68 billion (US$56 million) last five years Secured a NTD 850 million (US$28 million) low interest syndicated loan for construction our
Zubei facility Obtained high tech business application was approved by MOEA-IDB (經濟部工業局高科技事
業核准)on 9/22/2017; IPO (上市/櫃) submission is in 2018 Established the unique strategy for product pipeline in development
Total 7 products in our pipeline include 4 biosimilars, 1 SC formulation biosimilar, 1 ADC and 1 carrier protein
Her2 family product life cycle management Completed EG12014 Phase 1 clinical study. The results show EG12014 (trastuzumab biosimilar)
has reached bioequivalence in the primary endpoint assessment compared to Roche product Herceptin® from EU and the US, and its safety profiles are also comparable to the reference drug sourced from EU and the US. Initiated the Phase 3 preparations. Business alliance is in progress.
Continuing growth of CDMO business Double digital growth for signed contracts value (> US$10M per year) Reached P&L break even point for CDMO business in 2016
Establishing the late stage & commercial production facility Zhubei facility will be on stream for operation in 2018 Expecting PMDA (Japan) and EMA inspections in 2017/2018 for commercial production of two
client’s products
Client’s Success is Our Priority