February 29, 2024

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HKSTP Company Partners for Drug Discovery R&D

Image Credits: HKSTP, Press Release

A clinical-stage artificial intelligence (AI)-driven drug discovery company under the Hong Kong Science and Technology Parks Corporation announced a multi-year, multi-target strategic research collaboration with a French multinational pharmaceutical and healthcare company.

Under the terms of the agreement, the collaboration will leverage the AI firm’s AI platform, Pharma.AI, to advance drug development candidates for up to six new targets.

Under the terms of the agreement, the pharma will pay the AI firm a total of up to HK$21.5 million covering the upfront and target nomination fees to benefit from the AI firm’s end-to-end Pharma.AI platform and gain access to a team of interdisciplinary drug discovery scientists to identify, synthesise, and advance high-quality lead therapeutic compounds up to development candidate stage.

Additional payments will be made if key research, development, and sales milestones are met, and could total up to HK$1.2 billion. The collaboration also establishes mid-single to up to low double-digit tiered royalties for any products developed.

The Head of China Research at the multinational pharmaceutical and healthcare company stated that they look forward to collaborating with the demonstrated leader in AI-powered drug discovery. The collaboration will leverage the parties’ complementary capabilities, as well as the co-location of their scientific teams, to boost the drug discovery efforts of the Sanofi Institute for Biomedical Research (SIBR), the pharma’s R&D centre in China.

Meanwhile, the CEO and founder of the AI firm stated that the close collaboration will allow the pharma to immediately gain the capabilities of one of the top AI start-ups in addition to enriching their drug discovery pipeline.

Leveraging the multinational pharmaceutical and healthcare company’s strong drug research and development expertise and the tech firm’s powerful AI platform, it is believed that novel therapeutics discovery can be accelerated to address diseases with unmet medical needs, the co-CEO and Chief Scientific Officer of the AI firm stated. He added that, together, the two will employ innovative AI technologies to make significant breakthroughs in drug R&D.

The CEO of HKSTP stated that for the Park and for the city, this is inspiring and helps realise the vision of seeing Hong Kong emerge as a leading biomedical technology hub to propel world-class innovation and success.

He said it was exciting to see the biotech firm’s rapid growth since its establishment of R&D headquarters at Science Park in 2019. The AI-driven drug discovery company is headquartered at the Hong Kong Science Park, which is home to several leading AI and biotechnology companies and R&D centres.

Recent research found that the global drug discovery market size was valued at US$ 74.96 billion in 2021 and is expected to be worth around US$161.76 billion by 2030, growing at a CAGR of 8.9% from 2021 to 2030.

This market is driven, in large part, by the growing prevalence of various chronic diseases, rising healthcare expenditure, and patent expiration of certain popular drugs across the globe. The current global population is challenged by a variety of diseases including cardiovascular diseases, diabetes, cancer, respiratory diseases, and neurological disorders, which is significantly fuelling the demand for new and innovative drugs.

The pharmaceutical industry’s exponential growth can be attributed to the rapid growth of biopharmaceuticals is expected to drive the drug discovery market in the forthcoming years. The biopharmaceutical industry is growing at a rapid pace owing to the rising investments by the government and corporate for the development of new medicines to treat chronic diseases. Moreover, favourable government regulations coupled with the active role of the authorities are fuelling market growth.

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Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

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CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

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Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

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SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

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HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

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IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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