Allens has advised the Global Health Investment Fund (GHIF), a private investment fund whose mission is to finance late-stage drugs, vaccines and diagnostics for diseases that disproportionately burden low-income populations, on a US$10 million program with Medicines Development, a not-for-profit biopharmaceutical company headquartered in Melbourne.
The program relates to the registration of moxidectin for the treatment of river blindness (onchocerciasis).
The GHIF investment will be used to support the manufacture of moxidectin and the compilation of the regulatory dossier required for the registration process for use in humans. Should the drug be approved, Medicines Development will work towards ensuring a secure supply of moxidectin for onchocerciasis and, with GHIF, will continue to research other potential human uses of moxidectin for infectious diseases.
An important part of the agreement between GHIF and Medicines Development is the contractual requirement to ensure accessibility of moxidectin for river blindness should the drug be approved.
The Allens team on the matter was led by Banking & Finance Partner James Darcy, Tax Partner Toby Knight and Corporate Managing Associate Nick Kennedy.
Mr Darcy said: 'This is a significant matter in terms of the benefits that may be derived by those in low-income countries through the delivery of new treatments for river blindness and potentially other tropical diseases. It is a great demonstration of how the allocation of private capital towards the development of affordable medicines may deliver positive global health outcomes, and Allens is privileged to have been involved in this commendable endeavour.'
Allens legal team
James Darcy (Partner – Melbourne), Toby Knight (Partner – Melbourne), Sarah Matheson (Partner – Melbourne), Nick Kennedy (Managing Associate – Melbourne), Jennifer Richards (Senior Associate – Melbourne), Matthew De Remer (Associate – Melbourne), David Stewart (Associate – Melbourne), Claire McMahon (Associate – Melbourne), Adam Laidlaw (Associate – Melbourne).
Ends
Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.