Sillajen acquirer GFB seeks further partnership opportunity

[Interview] Greenfire Bio CEO Ajit Gill and CBO Sanjeev Munshi

Focus on ShillaJen’s anticancer virus platform….”Has more potential than other competitors”

"Whether to continue development of Pexa-Vec will be determined after checking future data…such activities will be conducted while establishing a diverse pipeline"

Has deep interest in Korea’s bioindustry…” Will encourage global development based on GFB's extensive BD experience"

"Using ShillaJen’s anticancer virus platform, we can add many new substances to be developed as novel drugs.

 

Korea owns many excellent early-stage novel drug candidates, and we also may additionally introduce promising new substances in Korea." At the interview with DailyPharm, Ajit Gill, CEO of Greenfire Bio, Ajit Gill expressed his strong will to build additional partnerships with Korean bio-ventures in Korea.

 

CEO Ajit Gill

Greenfire Bio (GFB), a U.S.

 

joint bio-venture firm of M2N that recently acquired Sillajen for 6 billion won, has been established by various industry experts including the company’s CEO Agit Gill who had previously headed Nektar Therapeutics, and CBO Sanjeev Munshi who had served over 20 years at MSD (U.S.

 

Merck) as a BD reviewing and introducing new substances.

 

During his service as head of Nektar Therapeutics from 1999 to 2006, Gill had contributed to raising the company’s market value to more than 20 trillion won.

 

CBO Munshi had been in charge of searching biotech companies around the world to develop new drugs for intractable diseases such as Alzheimer's and NASH at MSD.

 

Hanmi Pharmaceutical’s ‘efinopegdutide’ for nonalcoholic steatohepatitis (NASH) is also one of the numerous new drug substances he introduced at MSD, GFB, which has been developing the bio business with M2N Chairman Seo Hong-min, has been interested in developing new drugs using next-generation technology.

 

In this context, Sillajen’s anticancer virus platform has caught the company’s interest.

 

Anticancer virus, or oncolytic virus, induces immunogenic cell death (ICD) by loading viruses that have excellent penetration capabilities with anticancer substances.

 

Globally, the interest in oncolytic virus is high, but no ‘game changer’ has emerged yet.

 

Amgen’s Imlygic that was first introduced in the field did not produce a satisfactory return compared to the investment.

 

However, GFB has a strong belief in the potential of the oncolytic virus market.

 

Gill said, “With immuno-oncology drugs having a response rate around 30%, adding oncolytic virus to the immunotherapy can increase the rate to 50 to 60%.

 

The vaccinia virus used in Sillajen’s next-generation platform has the benefit of being able to load various anticancer substances, due to its large size.

 

Just looking at the monoclonal antibody market, we see many cases in which the bio-industry makes explosive growth with follow-up products that have been improved to complement the shortcomings of the earlier drugs, so there is no concern about the potential of the anticancer virus market."

CBO Sanjeev Munshi

He added, “For new technology, securing safety is important.

 

Sillajen has the advantage in the market as the company had identified the safety of its platform through clinical trials for many years,” and expects that their accumulated new drug development know-how and financial firepower will create synergy when met with Sillajen’s leading technology.

 

Regarding the increased market concern over the discontinuation of the Phase III trial on Pexa-Vec in 2019, Gill said, “Failing Phase III trials is common in the bioindustry.

 

The point to focus on is whether we own a potential platform.

 

However, we would need to establish a richer pipeline.

 

Just one success is all we need to significantly raise the value of the company.” However, Gill took a cautious stance on the development of Pexa-Vec will continue, stating that the decision will be made after observing the data that will be released after a year.

 

Instead, GFB is eagerly searching for new substances to apply to Sillajen’s platform.

 

CBO Munshi has been focusing on discovering a substance with the highest possibility of success based on his experience at MSD as BD.

 

Munshi said, “We have reviewed over 200 substances over the past 6 months.

 

We want to find the most promising pipeline.

 

Self-development is also a possibility, but it is more likely that we will acquire a substance through external partnerships.” In this sense, GFB is deeply interested in partnering with Korean bio ventures.

 

Munshi said, “Korea owns abundant early-stage research data, but lacks development experience in the US., which is the world’s largest market.

 

GFB can complement this area as the company has a high understanding of the global market and owns extensive global network experience.

 

Please don’t hesitate to reach out anytime if you have an innovative new drug technology.

 

Gill said, “Nektar Therapeutics was also once a 4-person company.

 

It grew to a company with 800 employees when I left.

 

In that time, I had signed countless contracts and raised the 1.5 billion fund in various ways.

 

When combined, GFB’s BD expertise, M2N’s high capital, and SillaJen’s technology will be the right mix of all the essential elements necessary for the development of a blockbuster drug.”