Regenerative medicine company Osteopore Limited (ASX: OSX) has signed a binding MOU with InnoVentures to enter into a JV with the purpose of commercialising Osteopore’s orthopaedic products – including reconstruction, regenerative implant and bone defect products – in China.
One of InnoVentures’ key investors is Singapore-based Vertex Ventures HC – the venture capital offshoot of global investment company Temasek Holdings. The Government of Singapore is the sole equity shareholder of Temasek Holdings.
The JV parties expect to launch the JV Company (JV Co) in Singapore, with Osteopore to provide InnoVentures with an exclusive, royalty-free license for specific IP, in return for 30% equity in the JV.
It is anticipated that Osteopore’s in-house developed high tibial osteotomy (HTO) implant – used in a surgical procedure that realigns the knee joint – will be the first product that the JV Co will seek regulatory approval for with the view of commercialising.
InnoVentures has identified a prospective investor – a leading China-based medical device and pharmaceutical company – who has expressed interest in participating in this JV. Separate agreements will be signed regarding the future arrangements between the prospective investor and the JV Co.
InnoVentures is committed to working with this investor to explore partnership opportunities for the JV. However, for the purpose of future arrangements, this agreement does not constitute a relationship between this investor and the JV Co.
Osteopore and InnoVentures will now move towards executing a definitive agreement pertaining to the JV by November 30, 2023.
InnoVentures – a China-based medical device innovation accelerator – collaborates with medical device companies to guide products from development, through to regulatory approval and commercialisation. InnoVentures has a multidisciplinary team with extensive experience in China and a deep network of partners.
InnoVentures is incorporated in 2014, privately held, has four core team members and over 70 experienced employees along with their sister company, Gateway Medical, which has presence in Shanghai and Beijing.
We are delighted to announce our MOU with InnoVentures, representing a critical step in our strategy to commercialise our innovative orthopaedic products in China,” Osteopore Executive Chairman, Mark Leong, said.
“The potential JV not only leverages InnoVentures’ regulatory expertise and deep network but also demonstrates the importance of Chinese market expansion to our strategy.
“We believe that this JV – with our HTO implant at its core – will extend our reach into China. We are looking forward to working towards a definitive agreement with InnoVentures.”
InnoVentures and Osteopore will now commit to progressing discussions surrounding definitive agreements and potential fees for the localisation of Osteopore’s orthopaedic products in China, based on the binding MOU.