Purchasing Technology from UK-based Biotech Firm
LG Chem is developing next-generation protein therapeutics that can overcome the limitations of conventional antibody drugs. The company announced on Dec. 11 that it is planning to develop target substances of anti-cancer and immunological disease in partnership with AVACTA in Cambridge, UK.
AVACTA is a research and development biotech company focusing on the development of antimicrobial and immunotherapeutic drugs with Affimer technology, which is a protein platform technology that uses proteins with molecular size smaller than the antibodies.
Under the licensing agreement, AVACTA will initially lead research in finding the target substances, and LG Chem will lead the rest from preclinical trials to commercialization. LG Chem will acquire exclusive worldwide marketing rights by paying AVACTA for each milestone in the development and commercialization process on top of a down payment. After commercialization, LG Chem will pay the partner royalties based on net sales.
LG Chem has also included options for future’s additional target substance selection and joint development in the agreement. In order to secure competitiveness, the company plans to jointly develop materials that can improve the half-life of protein therapeutics.