HLB Group has announced the acquisition of domestic rights to Jiangsu Hengrui Pharmaceuticals' immunotherapy, camrelizumab, facilitating the path towards commercializing the combination therapy of camrelizumab and its novel drug candidate riboceranib in Korea.

The group's subsidiaries -- HLB Life Science and HLB Pharmaceutical -- and CG Invites (formerly Crystal Genomics) have inked an agreement to collaborate on the domestic approval process and sales and marketing activities for the riboceranib+camrelizumab combo therapy.

Under this agreement, HLB Pharmaceutical will take charge of distributing and marketing the riboceranib+camrelizumab combo in Korea. Previously, HLB Life Science held the domestic rights to riboceranib, while CG Invites held those to camrelizumab.

The three companies are gearing up to initiate the approval process for riboceranib in Korea following approval from the U.S. FDA, with an expected domestic application date around June or July.

Subsequently, HLB Life Science and CG Invites plan to grant exclusive sales rights to HLB Pharmaceutical upon approval from the Ministry of Food and Drug Safety.

HLB Pharmaceutical launched its anti-cancer drug division last year, marking significant progress in its portfolio expansion.

The detailed terms of the contract, encompassing supply price and royalties, will be finalized through a separate contract post-approval from the MFDS.

Additionally, the three companies have agreed to collaborate on exploring further clinical development for new indications using riboceranib and camrelizumab.

"The approval process for the new liver cancer drug in the U.S. has been going smoothly without any major issues, and we are confident of the approval of the new drug internally, so the three companies have agreed to quickly proceed with the application for domestic approval and sales sequentially," said Han Yong-hae, CEO of HLB Life Science.

"In addition, we are expanding the indications for riboceranib as a companion animal anti-cancer drug, and we are focusing on improving corporate value by further collaborating with HLB to build a sales network in Asia, including Southeast Asia."

"As CG Invites crystallizes its collaboration with HLB Group, we will strive to accelerate the commercialization of camrelizumab and riboceranib and further maximize their value," said Jeong In-cheol, CEO of CG Invites. "This agreement marks the beginning of an enterprise-wide collaboration between the two companies, and we will continue our strategic partnership through a comprehensive business agreement that includes additional technology exchanges."

HLB Pharmaceutical CEO Park Jae-hyeong said the company would work closely with HLB Life Science and CG Invites, and focus all efforts on stabilizing sales after approval of the new drug so that liver cancer patients can benefit from the treatment as soon as possible.