Pinotbio said Thursday that it has signed a technology transfer agreement with ConjugateBio, a U.S.-based biotech company, for 10 drug targets for its antibody-drug conjugates (ADCs) platform.
Under the agreement, Pinotbio will receive up to $250 million in total payments, including upfront and milestones. Also, Pinotbio will be entitled to receive royalties separately.
Pinotbio will supply drugs and linkers, and ConjugateBio will be responsible for target selection, antibody development, synthesis, and evaluation.
According to market research firm, Research and Markets, the global ADC market size was valued at $7.82 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 11.2 percent between 2023 and 2030.
In June last year, the two companies signed a technology transfer agreement for the ADC platform for five drug targets. With the latest agreement, ConjugateBio has secured rights to develop ADC drugs for a total of 15 drug targets.
ConjugateBio is a New Jersey-based biotech specializing in ADCs, founded by Kum Yoo, who has over 20 years of experience as a clinician and business development professional at multinational pharmaceutical companies including Merck and Novartis.
Pinotbio's ADC platform PINOT-ADC is a technology that enables the development of ADC candidates based on camptothecin drugs and related linkers.
In a comparative study with AstraZeneca's blockbuster ADC Enhertu, PINOT-ADC showed "more than equivalent efficacy, a fine PK profile, and an optimal level of bystander effect," the company said.
"We are confident that the combination of Pinotbio's excellent ADC platform technology and our ADC development capabilities will enable us to develop a competitive ADC drug," said Kum Yoo, CEO of ConjugateBio.
"One year after signing the agreement with ConjugateBio, we are pleased to build an even stronger partnership," said Jung Doo-young, CEO of Pinotbio. "We will continue to work together to ensure the successful development of various ADC pipelines utilizing Pinotbio's ADC platform."
In October 2022, Pinotbio signed an ADC platform technology transfer agreement with Celltrion valued at $1.24 billion with 15 drug targets.
In addition, Pinotbio's anti-cancer drug, NTX-301, is in phase 1/2 in the U.S. and its glaucoma drug, NTX-101, has completed phase 1 in Korea. Since its establishment, the company has attracted about 64 billion won ($49.1 million) in investment from domestic investors and pharmaceutical companies and is currently pursuing a listing on Kosdaq.