HanAll Biopharma said it signed a $30 million deal with a U.S. company to transfer its technology to develop an investigational drug substance to treat autoimmune diseases.
|HanAll Biopharma CEO Park Seung-kuk announces the company’s technology transfer deal for a novel drug candidate, in a news conference at the InterContinental Seoul Coex Hotel, Wednesday.|
In a news conference at the InterContinental Seoul Coex Hotel on Wednesday, HanAll Biopharma CEO Park Seung-kuk said the company clinched the out-licensing deal with Roivant Sciences for the new drug candidate HL161BKN, currently under a phase-1 clinical trial. The contract fee alone was $30 million.
Under the agreement, Roivant Sciences can exclusively develop, manufacture, receive approval, and sell HL161BKN in North America, Central and Latin America, the European Union, including the U.K. and Switzerland, the Middle East, and North Africa. Roivant Sciences, established in 2014 by U.S. and Israeli investment groups, specializes in the development of drug candidates.
HanAll Biopharma will receive a separate contract money, research funds, stage-by-stage technological fees, and running royalties by units sold. Fixed royalty stood at $502.5 million (544.4 billion won), research funds at $20 million, and stage-by-stage technological fees at $452.5 million. If the drug is commercialized, it could raise up to $3 billion in revenue for 15 years, HanAll said.
The two companies aim to get the first approval for the drug in 2022 and obtain approvals in more than three countries by 2023.
HL161BKN targets severe autoimmune diseases without a cure including myasthenia gravis, chronic thrombocytopenia, optic neuritis, polyneuropathy, and lupus nephritis.
“HL161BKN is the first new drug to challenge a novel target. We have chosen Roivant as our partner, as it could focus on our product and quickly develop it,” Park said. “We took into account the company’s business model, corporate structure, and innovative management.”
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