LegoChem Biosciences Inc. announced it signed a 496.3 billion won ($405 million) worth agreement on licensing out its antibody-drug conjugate (ADC) technology to Iksuda Therapeutics, a U.K.-based biotech company.
The South Korean biotech company licensed out its ADC linker/toxin technology named ConjuAll to Iskuda. The deal allows the British firm to exclusive rights to develop and commercialize three ADC-based cancer therapies internationally.
ADC links specific antibodies to antigens present on tumor cells using anticancer chemical drugs through a linker. LegoChem’s ConjuAll is an ADC-based technology that uses proprietary linker chemistry mixed with site-specific enzymatic conjugation.
Iksuda Therapeutics was founded in 2012 by renowned ADC experts.
Meanwhile, LegoChem could still license out its ConjuAll platform to other companies past the three arranged target therapies.
LegoChem also signed a similar license agreement with Japan-based Takeda Pharmaceutical for ConjuAll last year. It received 8.9 billion won ($7.25 million) in upfront and near-term milestone payments. LegoChem is also eligible to receive development, regulatory and commercial milestone payments of up to 496 billion won ($404 million).
Under the agreement, LegoChem would receive 496.3 billion won ($405 million) upfront and milestone payments. The company would also receive the right to additional royalties on sales of related products in the future.
Based on predetermined ratios, LegoChem is eligible to receive a part of Iksuda’s out-licensing profit if Iksuda licenses out ConjuAll during its drug development process to a third party.
LegoChem CEO Kim Yong-zu said that Iksuda’s world-leading competence in developing ADC could send their technology to the clinical trial stage quicker than any company.
Iksuda CEO and co-founder Dr. David Simpson said that the company would take advantage of LegoChem’s excellent linker and next-generation PBD toxin to enter the clinical stage as fast as possible.
LegoChem reported a 16 billion won ($13 million) revenue last year. The company has signed six licensing agreements, including Iksuda’s deal, with a combined value of 1.7 trillion won ($1.39 billion).