Angel Biotechnology Holdings plc. signs three new GMP manufacturing contracts for Materia Medica Holding
Angel Biotechnology Holdings plc., the biopharmaceutical contract manufacturer, is pleased to announce that it has reached agreement on three further manufacturing contracts with OOO " NPF "Materia Medica Holding" with a combined value in excess of £4.5 million. It is expected these projects will run concurrently and take approximately 22 months to complete.
Under the proposed agreements, Angel will initiate activities within existing facilities, with a view to transferring production to its Cramlington site during 2012, which the Company is currently re-commissioning. The commission of these new agreements will come under the terms of our current umbrella pricing agreement, pending formation of the joint venture company ("JVC") announced on 17 October 2011 after which the contracts will transfer into the control of the JVC.
Dr Paul Harper, Executive Chairman, Angel Biotechnology Holdings, said: "The commission of these three new agreements provides a robust basis for the proposed JVC between Angel and MMH and demonstrates the confidence the customer has in Angel's capabilities. These agreements will put the proposed JVC on a sure footing from the outset, but is also an excellent example of the value Angel can provide via significant alliances such as this.. I would like to thank MMH for making this commercial commitment."
Professor Oleg Epstein, General Director, OOO "NPF "Materia Medica Holding", said: "By signing these three new agreements with Angel, MMH can act in a timely manner to bring these products to market. As core business, it is important to us that development work begins whilst the JVC is being established. I am positive this will provide the best possible start to the new JVC.