Viropro Inc. (VPRO) to Unlock Value from its Biosimilars Portfolio; Creates a Biosimilars Technology Subsidiary in Canada
5/16/2012 10:00:22 AM
IRVINE, Calif.--(BUSINESS WIRE)--VIROPRO (VPRO.PK). Viropro, Inc. creates a technology subsidiary to focus on the burgeoning International market for biosimilar drug therapeutics. Over the past year, several of the large pharmas have tied up with Contract Research Organizations (CROs) and/or with Contract Manufacturing Organizations (CMOs) to enter the field of biosimilars. With the US FDA publishing guidelines for biosimilar approvals earlier this year, and guidelines already in existence in the European Union, this activity has taken a leap forward as companies jostle for position to capture parts of what is expected to be lucrative, multi-billion dollar annuities for years to come. According to a Frost & Sullivan report (PharmaTimes, U.K., May 11, 2012), the European biosimilars market is forecast to grow to $3.99 billion in 2017 from $172 million in 2010. That is equivalent to compound growth of 56.7% a year. The expiration of patents for blockbuster biologics is expected to drive the growth.