India-based Shilpa Medicare Limited (BSE/NSE: SHILPAMED) has entered a strategic equity partnership with Spain-based Gate2Brain, S.L. to advance G2B-002, a peptide-drug conjugate targeting diffuse intrinsic pontine glioma (DIPG) and pediatric glioblastoma — two of the most lethal and treatment-resistant childhood brain cancers. The deal gives Shilpa Biocare Pvt Ltd, a wholly owned Shilpa subsidiary, a 30.4% equity stake in Gate2Brain and establishes the Indian company as CMC, manufacturing, and regulatory partner for the program. First-in-human trials are targeted for fiscal year 2028.
The total consideration for the equity stake is EUR 7 million (USD 7.6 million), structured as EUR 0.5 million (USD 0.54 million) in upfront cash, EUR 1 million (USD 1.08 million) earmarked for G2B-002 development costs, and EUR 5.5 million (USD 5.95 million) in equity issued in exchange for CMC and manufacturing services. No milestone payments, royalties, or commercialization rights were disclosed. Shilpa's economic return is expected to accrue through equity appreciation and future manufacturing supply economics. This is described by Shilpa as its fourth strategic equity partnership, following earlier equity investments in Alveolus Bio for pulmonary therapeutics and a biosimilars licensing arrangement with SteinCares for Latin America.
Deal context
G2B-002 is a pre-IND stage peptide-drug conjugate that uses Gate2Brain's proprietary MiniAp4 peptide shuttle to deliver SN-38 — the active metabolite of the chemotherapy agent irinotecan — across the blood-brain barrier. MiniAp4 is a minimized, protease-resistant peptidomimetic derived from apamin, a component of bee venom, re-engineered to eliminate neurotoxicity while retaining the ability to bind receptors on brain endothelial cells and undergo receptor-mediated transcytosis into the CNS. The company reports preclinical data showing up to 100-fold greater brain drug transport compared with unconjugated delivery.
Both DIPG and pediatric glioblastoma carry Orphan Drug Designation from the US FDA and the European Medicines Agency for G2B-002, reflecting the absence of approved curative therapies. DIPG, which arises in the brainstem, is essentially inoperable and has a median survival measured in months. The blood-brain barrier has historically excluded most cytotoxic agents from reaching tumor tissue at therapeutic concentrations, making effective CNS drug delivery the central scientific and clinical challenge in these indications.