Antibe Therapeutics Inc. enters into an exclusive licensing agreement with Kwang Dong Pharmaceutical Co., Ltd. (Kwang Dong) for the development and commercialization of Antibe’s lead drug, ATB-346, in South Korea. Kwang Dong is a major pharmaceutical company within South Korea, topping net sales of US$600 million and over 500 sales representatives.
Under the terms of the agreement, Antibe is entitled to receive C$13 million in non-dilutive development and commercial milestone payments, including an upfront payment of C$1.3 million, and a double-digit royalty on net sales in South Korea. Currently, South Korea represents approximately 2 per cent of the global pharmaceutical market.
“Kwang Dong’s established presence in South Korea and strong marketing capabilities make them an ideal partner for ATB-346,” remarks Dan Legault, CEO of Antibe. “This is just one step in our ongoing strategy to create a global presence through selective partnerships. We will continue to identify strategic partners of this calibre in an effort to fully unlock and maximize value for shareholders and are in conversations for similar licensing transactions in other geographies. Furthermore, this deal represents additional third-party validation of both the science and intrinsic value of our H2S technology. With the upcoming Phase 2 dose-ranging, efficacy study already fully funded, the non-dilutive proceeds from this deal will support additional development activities as we work towards bringing our pipeline of novel NSAIDs to market.”
“We are delighted to add ATB-346 to our development pipeline,” comments Sung-Won Choi, CEO of Kwang Dong. “We believe ATB-346 has the potential to be a next generation therapy for pain and inflammation and look forward to working with Antibe in developing it for the South Korean market.”
ATB-346 is an anti-inflammatory drug, designed to spare the gastrointestinal tract of the ulcers and bleeding normally associated with non-steroidal anti-inflammatory drugs (NSAIDs). Antibe recently completed a Phase 2B study for ATB-346 that demonstrated a high-level of GI safety compared to naproxen, the most prescribed NSAID in the United States. Antibe will be commencing a Phase 2B dose-ranging, efficacy study this month which will include two components. The “metabolism protocol” is anticipated to conclude in Q4 2018 and a top-line data read-out from the “efficacy protocol” is expected in Q2 2019.
Researchers discover insulin boosts immune system Next Post:
Concordia researchers snip cancer cells out of the equation