A Deal Potentially Worth KRW720bn
Kolon Life Science has licensed out its osteoarthritis cell gene treatment TG-C, also known as Invossa, to a new biotech company in Singapore in a deal worth up to 720 billion won.
The company announced on April 13 that it has signed a 723.4 billion won (US$587.18 million) technology export contract on TG-C with Singapore’s Juniper Biologics. The deal includes a down payment of 15 billion won (US$12.18 million) and milestones of 708.4 billion won (US$575 million). Juniper Biologics is a Singapore-based biotech company specializing in treatments for osteoarthritis and anticancer drugs.
TG-C is the world’s first osteoarthritis cell gene therapy developed by Kolon Group. Unlike conventional injections or surgical methods, the new biopharmaceutical can relieve pain and improve joint functions for at least one year with a single injection.
Through this contract, Juniper Biologics has secured exclusive rights to research, develop, and commercialize TG-C in Asia, the Middle East, Africa and Japan excluding Korea and Greater China (China, Hong Kong, Macao, Taiwan). The contract will run for 20 years in each country. Kolon Life Sciences is in charge of product supply and support for the development and commercialization of TG-C.
In July 2017, Kolon Life Science began manufacturing and sales of TG-C after receiving product approval from the Korean Ministry of Food and Drug Safety. However, in March 2019, as one of the main ingredients was found to be different from approved items, the product license was revoked in Korea. At the same time, its phase 3 clinical trials in the United States were also temporarily suspended.
In April 2020, the U.S. FDA lifted the ban on the phase 3 clinical trials, and Kolon TissueGene resumed the administration of the drug to patients in phase 3 clinical trials in the United States from December 2021. As the U.S. clinical trials of TG-C for osteoarthritis patients received approval from the FDA to immediately enter phase 2 without phase 1, Kolon Life Science can now expand the drug’s indications.