LegoChem Bio Signs Technology Transfer Agreement for Anticancer Drug Candidate Worth 325.4 Billion KRW
[Asia Economy Reporter Minji Lee] LegoChem Biosciences announced on the 2nd that it has signed a technology licensing agreement for an antibody-drug conjugate (ADC) anticancer drug candidate with the US company Pyxis Oncology. The total contract amount is $294 million, equivalent to 325.4874 billion KRW. Of this, the upfront payment is $9.5 million, which amounts to 10.5 billion KRW.
This candidate drug was derived by combining the antibody technology licensed from Y-Biologics in 2016 with LegoChem Biosciences' proprietary ADC technology. Under this technology transfer, the contract amount will be paid according to a pre-agreed ratio with Y-Biologics.
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The company stated, “Separately from this contract, we have secured an option to receive a share of Pyxis Oncology’s equity and profit-sharing from third-party technology transfers in the future,” adding, “Milestone payments will be received stepwise according to clinical stages, approvals, and commercialization.”
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