Cumberland Pharmaceuticals and China-based firm Gloria Pharmaceuticals are each investing $1 million in Cumberland Emerging Technologies (CET), a joint initiative between Vanderbilt University, Cumberland Pharmaceuticals, and the state of Tennessee's Launch TN that aims to advance biomedical products and technologies from academic research centers toward commercial development.
Per the deal, Gloria is getting first crack at negotiating a license to CET products for China, while Cumberland is keeping access to CET's product rights everywhere else. Cumberland says the new funds will be used to speed up development of CET's pipeline of new product candidates from Vanderbilt and other research centers in the region.
"We welcome Gloria as our international partner, shareholder, and fourth constituent," Cumberland's CEO A.J. Kazimi said in a statement. "Together these four partners can help develop and commercialize biopharmaceutical research and deliver new products to improve patient care."
Cumberland and Gloria have worked together before: Back in February of 2012 Gloria entered an agreement to commercialize Cumberland's Caldolor® (ibuprofen) Injection and Acetadote® (acetylcysteine) products in China.