Danish enzyme maker Novozymes has spun out its biopharma activities into a new independent company called Albumedix.
Albumedix is 100% owned by Novozymes and will continue to focus on technologies and products based on recombinant albumin, a naturally occurring protein that can be found in human blood.
The recombinant albumins products, under Recombumin brand, are used in the pharmaceutical industry to stabilise drugs and vaccines.
Albumin can also be used to extend the half-life of pharmaceuticals to prolong the drugs’ effect, Novozymes said.
Albumedix offers a first and second generation version of this drug delivery technology under the name Veltis.
In 2014, GlaxoSmithKline launched a diabetes drug that utilises the Veltis technology to allow patients to dose weekly instead of daily.
Novozymes business development executive vice president Thomas Videbæk said: "Over the past nine years, our work in albumin has resulted in a series of new discoveries and technologies, which have led to agreements with major pharmaceutical and biotech companies.
"The business is in good shape with great prospects to make a real difference for patients all over the world. We believe it is now ready to be developed further outside Novozymes, where it will have the best possible growth conditions."
Albumedix will also begin exploring early stage clinical drug development based on its Veltis technology and relevant drug candidates.
Novozymes’ biopharma business head Peter Rosholm has been appointed as the CEO of Albumedix.
With headquarters in Lyngby, Denmark, Albumedix will have R&D and production facilities in Nottingham, UK, and will employ approximately 100 people.
"I see a promising future for Albumedix, and together with Don deBethizy and the rest of the team I look forward to expanding our role in the pharmaceutical industry.
"With our heritage, expertise in albumin, and skilled employees, we have a strong foundation for developing superior biotherapeutics for patients," added Peter Rosholm.