The growing sophistication and global awareness of Queensland’s (UQ) biotechnology industry has been demonstrated by a new international licensing deal signed between The University of Queensland’s IMBcom, Scottish firm Cyclogenix and US pharma giant Wyeth, according to McCullough Robertson intellectual property partner Malcolm McBratney.
Mr McBratney, who heads the Queensland-based law firm’s Life Sciences practice, said the research collaboration agreement had been successfully negotiated by lead lawyer, James Cameron, paving the way for a further expansion in Australian biotechnology research and development capability.
Under the agreement, Cyclogenix has granted New York Stock Exchange-listed Wyeth exclusive rights to Cyclogenix’s novel drug discovery technology platform for use in generating therapeutic peptides, with Wyeth to fund research activities using the technologies.
Wyeth is one of the world’s largest research-focussed pharmaceutical and health care products companies and, if a recent takeover bid is successful, may merge with Pfizer, the world’s largest pharmaceutical company. IMBcom is the commercialisation arm of UQ’s Institute for Molecular Bioscience (IMB).
The Brisbane-based company has granted Cyclogenix licences to cyclotide peptide technologies developed by the IMB, while under a research agreement, UQ Professor David Craik will collaborate with Cyclogenix on the development of cyclotide-based drug candidates.
“The technology behind this deal is based on intellectual property (IP) developed at The University of Queensland. For local research and intellectual property to be of interest to the likes of Wyeth really shows the strength of the Queensland life sciences industry,” Mr McBratney said.
“The agreement reached between the three companies required an excellent understanding of international IP rights and an ability to maximise their value for the benefit of the client, and ultimately the Australian research community. IP rights in the United States alone are estimated at being worth around $5trillion, showing the importance of proactively protecting and commercialising IP through mutually beneficial collaborations.
“McCullough Robertson has long recognised the importance of IP as a key business asset and has now grown its IP team to become the largest such practice in Queensland, with considerable depth of expertise across such areas as collaboration agreements, patent licensing, manufacturing agreements, trade marks, copyright and clinical trials.” As of June 2008, Queensland had around 90 biotech companies and was home to 66 research organisations, with more than 7,600 people employed in the life science sector. Growth in the sector has been supported by continued State Government investment under the SmartState strategy, with knowledge-based exports doubling from 1999/2000 to 2006/07.
Mr McBratney said McCullough Robertson was proud to have played its part in the growth of the Queensland and Australian industry, and would continue to seek opportunities for clients to commercialise intellectual assets on a global scale.
