TAIPEI, Taiwan and SAN DIEGO, Dec. 21, 2023 (GLOBE NEWSWIRE) -- Polaris Group (The Company, TWSE:6550) announced that its board approved to increase the acquisition of Genovior Biotech's shares to 100%. Additionally, Dr. Steve Hsu, Chairman of Genovior Biotech Corporation, has been appointed as the CEO of Polaris Group. This significant decision not only allows Polaris Group to expand the product pipeline beyond its novel cancer metabolism therapy but also marks its entry into the highly promising realm of peptide drugs, such as the widely recognized Semaglutide-related products. These two highly prospective product lines will serve as the dual engines propelling Polaris Group's future growth.
The newly appointed CEO, Dr. Steve Hsu, holds a Ph.D. in Chemical Engineering from the Massachusetts Institute of Technology (MIT) and has over 30 years of professional experience in the pharmaceutical industry. He is among the outstanding experts in organic chemistry synthesis. Notably, his expertise extends to peptide drugs with over thirty amino acids, achieving exceptionally high yields through synthesis or semi-synthesis approach. Under his leadership, Genovior Biotech has successfully developed the widely sought-after drug "Semaglutide" for diabetes and weight management. Polaris intends to commence large-scale production based on this achievement, with anticipated mass product shipments starting in the latter half of the upcoming year. Market evaluations suggest a sustained high demand for this drug in the coming years, potentially resulting in significant revenue for Polaris Group.
Regarding novel anti-cancer drugs, Polaris submitted a Biologics License Application (BLA) Rolling Submission for ADI-PEG 20 in malignant pleural mesothelioma to the U.S. FDA in November of this year. Currently preparing for commercialization, the company is actively engaging in negotiations with global and regional commercialization partners. In addition, Polaris has three Phase III clinical trials underway for glioblastoma (GBM), leiomyosarcoma (LMS), and hepatocellular carcinoma (HCC). Expectations are high for obtaining approvals for multiple cancer indications in the future, promising considerable revenue from either licensing deals or sales.
Polaris Group acquired Genovior Biotech's shares for over 2 billion NT dollars (approximately USD 70 millions), gaining not only access to the peptide product line but also a formidable group of workforce in Taiwan. Dr. Hsu leads a team of over 160 professionals and oversees facilities in both Zhunan Science Park and Southern Taiwan Science Park. Notably, the E. coli production line closely resembles that of Polaris Group' Vacaville facility. With the upcoming launch of Polaris's anti-cancer drugs, expanding production capacity in Taiwan can be swiftly accomplished. Consequently, Genovior Biotech fills critical gaps for Polaris Group, providing not just high-quality manufacturing capabilities but also a substantial entry into the market for peptide products. The integration of resources between the two entities is poised to significantly enhance the company's competitiveness, fostering expectations for further elevation in company value.
About Polaris Group
Polaris Group is a biopharmaceutical company dedicated to pioneering advanced therapies, primarily focusing on metabolic related diseases. Our lead drug candidate, Pegargiminase (ADI-PEG 20), is presently advancing through the BLA-enabling stage and clinical development. Pegargiminase is designed to disrupt cancer cell metabolism, providing a novel approach to treating a wide range of cancers heavily influenced by metabolic pathways. Our mission is to revolutionize the treatment of complex diseases like cancer by concentrating on their metabolic foundations, ultimately striving to enhance patient outcomes globally.
About Genovior Biotech Corporation
Genovior Biotech Corporation is a leading Contract Development and Manufacturing Organization (CDMO) in Asia. Operating from state-of-the-art facilities located in Hsinchu and Tainan, Taiwan, Genovior holds prestigious PIC/S GMP certification, distinguishing itself in the production of commercial Active Pharmaceutical Ingredients (APIs) and injectables. Renowned as a reliable partner, Genovior specializes in the comprehensive development, formulation, and manufacturing of biologics, adhering to stringent GMP regulations. With a steadfast commitment to safeguarding intellectual property and ensuring client satisfaction, Genovior offers a broad spectrum of expertise in peptide and protein biologics, injectable formulations, and versatile manufacturing capacities, catering to preclinical, clinical, and commercial requirements.
Investor contact:
Gina Lee
ir@polarispharma.com
