Taiwan Bio Therapeutics announced on March 20 that it has received official notice from its Singaporean partner, Senectus Pte. Ltd., confirming the exercise of its licensing option under the Cooperation Agreement signed in December 2024. The agreement takes effect on March 19, 2025. Under its terms, Senectus has obtained exclusive rights to develop and commercialize Taiwan Bio Therapeutics' cell therapy drug, Chondrochymal, across the Asia-Pacific region.
Going forward, Senectus will conduct clinical trials, apply for regulatory approvals, and manage marketing and promotion of the product in the licensed territories, assuming full responsibility for all related costs. Taiwan Bio Therapeutics will remain the sole global supplier of Chondrochymal and will manufacture clinical trial products for Senectus at a mutually agreed price. Additionally, Taiwan Bio Therapeutics will acquire a 20% equity stake in Senectus, securing a seat on its board of directors and participating in profit-sharing. This collaboration marks Taiwan Bio Therapeutics’ formal entry into the Southeast Asian market, serving as its first step toward broader expansion across the Asia-Pacific region.
The agreement further stipulates that Senectus must accumulate payments exceeding USD 30 million (approximately NT$960 million) to Taiwan Bio Therapeutics before gaining access to Chondrochymal’s manufacturing processes and production technology. Upon completion of the technology transfer, Senectus will have the autonomy to select its own CDMO partners for production, while Taiwan Bio Therapeutics, as a shareholder, will continue to benefit from related rights and revenue-sharing arrangements.
Cyrus Yang, CEO of Taiwan Bio Therapeutics, stated that Chondrochymal is the world’s first allogeneic bone marrow-derived mesenchymal stem cell therapy for degenerative arthritis. It is also the first allogeneic bone marrow MSC therapy to receive PIC/S GMP pilot plant certification from Taiwan’s Food and Drug Administration (TFDA). Unlike similar therapies that typically use cryopreserved cells, Chondrochymal features freshly formulated, non-frozen cells, offering higher cell viability. Notably, preliminary MRI data from its Phase II clinical trials indicates potential improvement in arthritis symptoms, making it one of the few therapies showing evidence of joint structure restoration. The complete analysis report from the Phase II trials is expected by August this year.
Senectus was established in May 2023 by Qing Ru Lim, General Partner at Singapore-based venture capital firm True Global Ventures (TGV); orthopedic surgeon Dr. Wong Keng Lin; and Xiang Liang Lin, Founder and CEO of Esco Aster, Singapore’s leading cell therapy company. Senectus focuses on applying regenerative medicine to orthopedic diseases. Leveraging the team’s expertise and clinical experience in orthopedics, along with favorable regulatory frameworks for regenerative medicine, the company is actively building its portfolio of cell therapies and marketing networks. Its goal is to become a leading regenerative medicine distribution platform in the Asia-Pacific region and, ultimately, worldwide.
Due to the current lack of regenerative medicine products in the Asia-Pacific region with cross-border commercial potential, Senectus is using its strength in orthopedics as a starting point. Following the Chondrochymal licensing agreement, Senectus plans to initiate multi-country, multi-center Phase III clinical trials across the region. By combining Taiwan Bio Therapeutics' production and process expertise with its comprehensive "from needle to needle" treatment experience—from tissue collection to cell reinfusion—the partnership is expected to create a win-win situation for both parties.
In addition to demonstrating excellent therapeutic efficacy, cell therapy products require close collaboration with hospitals. Taiwan Bio Therapeutics has established partnerships with major medical centers in Taiwan, while Senectus’ founding team brings extensive medical expertise and hospital resources in Southeast Asia. This synergy will accelerate Chondrochymal’s market launch across the Asia-Pacific region. Meanwhile, Taiwan Bio Therapeutics is continuing to advance its application for Phase III clinical trials in Taiwan. Upon approval, the company will transfer the subsequent development rights to Senectus.
Cyrus Yang emphasized that with the licensing agreement now officially in effect, Senectus will bear all future costs associated with clinical trials. For Taiwan Bio Therapeutics, this arrangement not only reduces the significant financial burden of Phase III trials but also increases potential profitability through CDMO service revenues. Additionally, Taiwan Bio Therapeutics plans to further integrate its resources and focus on developing advanced cell therapies in the regulatory T cell (Treg) space to treat autoimmune and inflammatory diseases, advancing its vision of ushering in a new era of chronic disease-free healthcare.
Resource: 台寶生醫關節炎新藥授權 Senectus 生效 正式進軍東南亞
