South Korea’s Legochem Bioscience Inc. inked a licensing deal with Amgen Inc. on Dec. 23 for five undisclosed antibody drug conjugate (ADC) targets worth up to ₩1.6 trillion (US$1.24 billion). Under the terms of the deal, Legochem will out-license global rights to Amgen for five undisclosed ADC targets and will receive an undisclosed up-front payment as well as development milestones and sales royalties. The companies did not disclose additional details.
Two deals for antibody-drug conjugates inked since May between Merck & Co. Inc. and Sichuan Kelun-Biotech Pharmaceutical Co. Ltd. have blossomed eight months later into the year’s biggest agreement, one that could bring Kelun-Biotech up to $9.3 billion in development, regulatory and sales milestones. The exclusive license and collaboration deal has Merck paying an up-front $175 million to Kelun-Biotech plus promising to make an equity investment in the Sichuan, China-based company.
Prenetics Global Ltd. agreed to acquire a majority stake in Act Genomics Holdings Co. Ltd. as part of a move to target the precision oncology market. Prenetics will issue 19.9 million class A ordinary shares and pay $20 million in cash to complete the acquisition.
By several measures, and despite economic hardships leading to layoffs at some companies, the med-tech industry fared well throughout 2022. Financing amounts were greater than nearly every year before the COVID-19 pandemic; deals reached their highest volume to date and mergers and acquisitions did better than most recent years.
Two deals for antibody-drug conjugates inked since May between Merck & Co. Inc. and Sichuan Kelun-Biotech Pharmaceutical Co. Ltd. have blossomed eight months later into the year’s biggest agreement, one that could bring Kelun-Biotech up to $9.3 billion in development, regulatory and sales milestones.
Shares in Dutch RNA editing specialist Proqr Therapeutics NV (NASDAQ:PRQR) surged by as much as 88% Dec. 22 news that Eli Lilly and Co. is substantially expanding an existing preclinical alliance. It is paying Proqr an initial $75 million, which consists of an up-front payment and equity investment, a potential $50 million option fee should it decide to widen the scope of the partnership even further, and up to $2.5 billion in new research, development, and commercialization milestones. Proqr would also receive royalties on any resulting product sales.
It’s a little early for St. Patrick’s Day, but the green is surely flowing for Acutus Medical Inc. as the company achieved its second milestone under the terms of its asset purchase agreement with Medtronic plc and triggered a $17 million payment.
South Korean biotech Pinotbio Co. Ltd. inked a $250 million (₩320 billion) licensing deal with Princeton, N.J.-based Conjugatebio Inc. to develop 10 antibody-drug conjugate (ADC) targets with Pinotbio’s ADC platform technology. The deal announced on Dec. 21 adds to a previous agreement between the two companies last year. Pinotbio and Conjugate first teamed up to discover and develop five ADC targets in June 2022.
Pediatrix Therapeutics Inc. licensed exclusive China rights to Aclaris Therapeutics Inc.'s ATI-1777 for investigational “soft” JAK 1/3 inhibitor, for diseases including atopic dermatitis, in exchange for an up-front payment of $5 million and up to $91 million in milestones.
Innovent Biologics Inc. has in-licensed LG Chem Ltd.’s tigulixostat (LC-350189), a late-stage non-purine xanthine oxidase inhibitor for managing chronic hyperuricemia in patients with gout, in a deal worth up to $95 million.
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