Abu Dhabi-based pharmaceutical manufacturer Neopharma and US-based Elevar Therapeutics entered into an agreement to establish a joint venture in UAE with 50:50 partnership.

The company plans to establish a specific sales network for Rivoceranib, a targeted anticancer drug and conduct clinical trials for other pipeline candidates. Neopharma, a global pharmaceutical company will undertake commercializing responsibility through its presence in various countries of MENA & India.

Suresh Kumar Nandiraju, Chief Operating Officer of Neopharma said, "This joint venture is an embarking step to critical care complex oncology candidates and symbolizes 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 that would strengthen our product offerings globally with a commitment to offer better life for patients." Rivoceranib is the first successful small-molecule angiogenesis inhibitor in gastric cancer. It acts by inhibiting angiogenesis, a critical process in cancer growth and proliferation.

Specifically, Rivoceranib selectively inhibits VEGFR-2 which mediates the primary pathway for tumor-mediated angiogenesis. It has been clinically tested in over 1,000 patients worldwide and has demonstrated efficacy in numerous cancers including gastric cancer, CRC, HCC, NSCLC, esophageal cancer, thyroid cancer, mesothelioma, and neuroendocrine tumors.