iX Biopharma, fresh from raising $6.7 million via a placement last month, plans to form a joint venture with a US-based drug maker Orion Speciality Labs to manufacture and commercialise its WaferiX portfolio.
By doing so, it will not need to go through additional clinical trials.
"This partnership marks a transformational milestone in iX’s evolution from a research-focused innovation company into a commercial-stage enterprise with direct access to the world’s largest healthcare market," says iX Biopharma.
As part of this agreement, Nevada-based Orion will fund manufacturing equipment and working capital and will take a 25% stake in the future joint venture.
iX Biopharma, which will hold the remaining 75%, owns patents for sublingual drug delivery technology platforms that enables medicines to dissolve quickly under the tongue for greater bioavailability, faster onset, and more predictable dosing.
Orion will then sign an offtake agreement to buy output from the joint venture.
The partners plan to finalise definitive agreements in the coming months, with equipment installation and pilot production targeted for the second half of 2026, , and therefore this deal will not yet have a material impact iX Biopharm's financials for the current year ending June 30.
“With Orion’s operational base, we will rapidly bring market-leading, differentiated products to patients in the United States to address high-demand treatment areas,” says Eva Tan, chief commercial officer of iX Biopharma.
“By meeting the growing demand for needle-free, fastacting therapies, we are well placed to capture significant market share and build lasting leadership in the personalised medicine space," says Tan.
iX Biopharma shares closed at 12 cents on Nov 10, down 5.43% for the day and up 306.67% year to date.
