SANTA MONICA, Calif.--(BUSINESS WIRE)--
Kite Pharma, Inc., (Nasdaq:KITE) today announced that Richard L. Wang,
Ph.D. will be appointed Chief Executive Officer of Fosun Kite
Biotechnology Co., Ltd, the company's 50/50 owned joint venture in China
with Shanghai Fosun Pharmaceutical (Group) Co., Ltd.
(600196.SH,02196.HK).The companies announced the formation of the joint
venture in early 2017 to develop, manufacture and commercialize
autologous T-cell therapies to treat cancer in China, including Kite's
lead cell therapy product candidate, axicabtagene ciloleucel. Final
registration of the joint venture is ongoing.
"We are on the cusp of significant change with CAR-T therapy as a
treatment for serious blood cancers," said Arie Belldegrun, M.D., FACS,
Chairman, President, and Chief Executive Officer of Kite. "This type of
revolutionary change requires deft management, a deep understanding of
country-specific requirements, and the ability to unite the strengths of
partners, collaborators and the local medical community. Together with
Fosun Pharma, we believe Dr. Wang has the unique experience essential
for the success of Fosun Kite Biotechnology, CAR-T therapy and
axicabtagene ciloleucel in China."
Dr. Wang has extensive experience in the biopharmaceutical industry
including US and China based leadership roles at Procter & Gamble,
Bristol-Myers Squibb, AstraZeneca and GlaxoSmithKline. He most recently
served as Chief Operating Officer of Cellular Biomedicine Group, a U.S.
listed clinical-stage immuno-oncology and cell therapy company with
operations in China. Previously, Dr. Wang was Senior Site Leader and
Head of Operations for GlaxoSmithKline research and development in
Shanghai. He obtained a B.S. degree in Cell Biology from the University
of Science & Technology of China, a Ph.D. degree in Molecular Biology
from the University of Maryland, Baltimore, and a M.B.A. degree from
Xavier University in Cincinnati.
Under Dr. Wang's leadership, the joint venture will establish business
operations in Shanghai and build a senior leadership team to oversee
technical operations and clinical development activities.
Kite is a biopharmaceutical company engaged in the development of
innovative cancer immunotherapies with a goal of providing rapid,
long-term durable response and eliminating the burden of chronic care.
The company is focused on chimeric antigen receptor (CAR) and T cell
receptor (TCR) engineered cell therapies designed to empower the immune
system's ability to recognize and kill tumors. Kite is based in Santa
Monica, CA. For more information on Kite, please visit www.kitepharma.com.
Sign up to follow @KitePharma on Twitter at www.twitter.com/kitepharma.
Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements for purposes of
the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. The press release may, in some cases, use terms such as
"predicts," "believes," "potential," "proposed," "continue,"
"estimates," "anticipates," "expects," "plans," "intends," "may,"
"could," "might," "will," "should" or other words that convey
uncertainty of future events or outcomes to identify these
forward-looking statements. Forward-looking statements include
statements regarding intentions, beliefs, projections, outlook, analyses
or current expectations concerning, among other things: the ability to
complete the joint venture registration, the ability of CAR-T therapy to
invoke significant change in the treatment for serious blood cancers,
and the success of Fosun Kite Biotechnology, CAR-T therapy and
axicabtagene ciloleucel in China. Various factors may cause differences
between Kite's expectations and actual results as discussed in greater
detail in Kite's filings with the Securities and Exchange Commission,
including without limitation in its Form 10-K for the year ended
December 31, 2016. Any forward-looking statements that are made in this
press release speak only as of the date of this press release. Kite
assumes no obligation to update the forward-looking statements whether
as a result of new information, future events or otherwise, after the
date of this press release.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170305005028/en/
SVP, Corporate Communications &
VP, Investor Relations
Source: Kite Pharma, Inc.
News Provided by Acquire Media