Abu Dhabi pharmaceutical manufacturer Neopharma and US-based Elevar Therapeutics have entered into an agreement to establish a joint venture in the UAE.

The 50:50 partnership plans to establish a sales network for Rivoceranib, a targeted anti-cancer drug, and also conduct clinical trials for other pipeline candidates.

Neopharma said in a statement that it will undertake to commercialise responsibility through its presence in various countries of the MENA region and India.

Suresh Kumar Nandiraju, chief operating officer of Neopharma said: “This joint venture… symbolises our commitment towards addressing unmet treatment needs of patients. We are very keen on expanding our immuno-oncology portfolio and Rivoceranib along with other pipeline molecules would strengthen our product offerings globally with a commitment to offer better life for patient.”

Rivoceranib is the first successful small-molecule angiogenesis inhibitor in gastric cancer. Rivoceranib acts by inhibiting angiogenesis, a critical process in cancer growth and proliferation.

Rivoceranib has been clinically tested in over 1,000 patients worldwide and has demonstrated efficacy in numerous cancers, the statement said.

Elevar Therapeutics specialises in clinical development of promising therapies for unmet medical needs in cancer.