GI Innovation said it licensed out GI-301, its allergy treatment candidate, to Maruho, a Japanese pharmaceutical company specializing in dermatology.

Under the accord, GI Innovation is eligible for $221 million, including non-refundable upfront payments, development and commercial milestone payments, and royalties on further sales of GI-301 in Japan.

Maruho will lead both the clinical development and commercialization efforts for GI-301 within the Japanese market.

However, the company did not unveil the exact amount of the upfront payment, citing contractual reasons.

GI-301 is a bispecific fusion protein comprising the FcεRIα extracellular domain of the Immunoglobulin E (IgE) binding site, with long-acting technology.

The company confirmed the candidate's IgE blocking efficacy through non-human primate experiments and a phase 1a clinical trial. As a result, GI-301 showed great potential in addressing a variety of allergic diseases.

"Given the unique nature of the Japanese allergic market, characterized by a substantial demand for a variety of allergy treatments, several Japanese pharmaceutical companies have shown strong interest in GI-301," GI Innovation CSO Jang Myung-ho said. "We are pleased to announce that we have selected Maruho, Japan's leading clinical and commercial specialist in dermatological diseases, as our partner."

​GI Innovation Chairman & CEO Rhee Byung-geon also said, "We look forward to strengthening our clinical collaboration with Maruho to help those who suffer from allergic diseases around the world."

The company is also committed to working closely with Yuhan Corp. to navigate the global licensing deal of GI-301(YH35324) going forward, Rhee added.

Founded in 1915, Maruho leads Japan in research and development, manufacturing, and commercialization of dermatological products, which include treatments for atopic dermatitis, hyperhidrosis, psoriasis, acne, and herpes zoster.