Bridge Biotherapeutics said Wednesday that the company has signed a license agreement with Daewoong Pharmaceutical to co-develop BBT-401, an investigational drug for ulcerative colitis
Like Crohn’s disease, ulcerative colitis is a common inflammatory bowel disease. It is a recurrent inflammatory disease with multiple ulcers in the mucosa of the colon.
BBT-401 is a first-in-class candidate jointly developed by Korea Research Institute of Chemical Technology (KRICT) and Professor Park Seok-hee’s team at Sungkyunkwan University. The substance is the first Pelino-1 inhibitor to control the function of the protein “Pellino-1,” which is involved in the immune function of the human body.
Under the accord, Bridge Biotherapeutics will receive up to $40 million from Daewoong as a milestone payment if they succeed in commercializing the drug candidate. In return, Daewoong will acquire the exclusive right for the development and commercialization of BBT-401 in 22 Asian countries, including China, Japan and Korea.
The two companies plan to initiate clinical development for BBT-401 in Asian countries, preceded by the phase 2 clinical study in the U.S. with active ulcerative colitis patients.
“We are excited to begin a valuable collaboration with Daewoong, which has rich experience in developing and manufacturing drugs for digestive system disorders,” Bridge Biotherapeutics CEO Lee Jung-kue said. “We strongly believe the cooperation and the alliance will advance BBT-401’s fast development, which will better address ulcerative colitis patients’ unmet medical needs.”
Daewoong Pharmaceutical CEO Jeon Seng-ho also said, “Daewoong Pharmaceutical now plans to develop a first-in-class drug for severe and currently untreatable inflammatory disease treatment, such as ulcerative colitis, with the in-licensing and co-development agreement with Bridge Biotherapeutics.”
Daewoong will continue to pursue open-collaboration relationships with local and international companies for new drug developments, he added.