ATGC, a Korean manufacturer of botulinum toxin (BTX), said it entered into a strategic collaboration and licensing agreement with Huadong Medicine Aesthetics Investment Limited, the parent company of Sinclair Pharma Limited, an aesthetic company based out of London, for ATGC-110, the ATGC's botulinum toxin (BTX).
Under the accord, ATGC will receive an upfront fee of $13 million and regulatory milestone payments of up to $17 million.
ATGC will be responsible for ATGC-110's approval in Korea and co-commercialize with Sinclair.
ATGC will also be responsible for manufacturing and supplying the product to global markets. Outside Korea and India, Sinclair will be responsible for clinical development and commercialization of the product in China, a part of APAC, Europe, North America, Latin America, and the rest of the world.
ATGC-110 is a novel purified type of BTX in clinical development to treat temporary improvement of moderate to severe glabellar, also known as forehead wrinkles.
ATGC has completed phase 3 clinical trial patient enrollment in Korea and plans to file a biological license application (BLA) with the Ministry of Food and Drug Safety (MFDS) as soon as possible.
"It is very meaningful to announce an exclusive global license agreement with Huadong Medicine and its affiliate Sinclair," ATGC CEO Jang Sung-su said. "We will do our best to collaborate with our partners for successful product launching."
Sinclair CEO Miguel Pardos said, "We are very excited to partner with ATGC on the global development and commercialization of ATGC-110."
The new BTX enriches Sinclair's aesthetic product portfolio and enables Sinclair to be one of a few companies worldwide that can have a global BTX brand, Pardos added.
Liang Lu, Chairman and CEO of Huadong Medicine, commented, "ATGC completes the company's gap in the field of BTX injection and synergizes with Sinclair's presence and ambition to be a leader in the aesthetic industry."
Leveraging Huadong's and Sinclair's clinical, regulatory, and commercial capabilities, the companies will work closely with ATGC to accelerate the clinical development of ATGC-110, Lu added.