Copaxone-Competitor Developer Mapi Pharma Gets Funding for Jerusalem Plant
The clinical-stage company develops more efficient versions of existing successful drugs, including a long-acting version of Teva's multiple sclerosis cash cow
Lilach Baumer : 2019-03-19T14:10:02..
Clinical stage company Mapi Pharma Ltd. has announced Tuesday a grant of NIS 9.2 million (around $2.5 million) from the Israeli government to build a production plant in Jerusalem. The plant, to be built with an overall investment of NIS 46 million (around $12.8 million), will employ 30 additional workers and manufacture a multiple sclerosis drug for export.
For daily updates, subscribe to our newsletter by clicking here.Israel-headquartered Mapi develops more efficient versions of existing successful drugs. The company's flag product GA Depot, developed as part of a partnership with Mylan NV, is a long-acting equivalent of Copaxone, the multiple sclerosis blockbuster injection that until recently was manufactured and sold exclusively by Teva Pharmaceutical Industries Ltd. Mapi co-founder Ehud Marom previously headed Teva's Copaxone global operation team. achieved a market share of 15%-20%, cutting into Teva's profits. Mapi's injection is planned to go into phase 3 clinical trials later this year. Mapi has research and development centers in both Israel and China, and a production facility for active pharmaceutical ingredients in Israeli southern city Be’er Sheva. In November, the company announced a $10 million investment from its long-time investor, Xinchang, China-headquartered generic drugmaker Zhejiang Jingxin Pharmaceutical Co. Ltd.