CMG Pharma and Handok License Targeted Cancer Drug Technology to Singapore... Worth 193.4 Billion KRW
Transfer of Global Development, Manufacturing, and Commercialization Rights Except for Korea
[Asia Economy Reporter Kim Ji-hee] Handok and CMG Pharmaceutical, a subsidiary of Cha Biotech, announced on the 10th that they have signed a technology transfer and strategic collaboration agreement with Singapore-based AUM Biosciences for the targeted anticancer drug candidate ‘CHC2014’.
Under this agreement, CMG Pharmaceutical and Handok will transfer the global development, manufacturing, and commercialization rights of CHC2014, excluding South Korea, to AUM Biosciences. The upfront payment and milestone-based royalties total $172.5 million (approximately 193.4 billion KRW). This amount will be split equally, 50-50, between the two companies. Additionally, both companies will receive royalties ranging from 3.5% to 5.5% of net sales.
CMG Pharmaceutical and Handok have been jointly researching CHC2014 since 2015, and since 2017, they have been collaborating with the National Cancer New Drug Development Project Group to advance the development of the anticancer drug. CHC2014 is a new mechanism ‘Pan-TRK inhibitor targeted anticancer drug’ that selectively inhibits the TRK protein family. It has completed Phase 1 clinical trials in South Korea and is currently finalizing the final report.
Lee Joo-hyung, CEO of CMG Pharmaceutical, said, "This technology transfer agreement is highly significant as it recognizes our technological capabilities in anticancer drug research and marks CMG Pharmaceutical’s first overseas technology export."
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Kim Young-jin, Chairman of Handok, stated, "Following the successful completion of CHC2014’s Phase 1 clinical trial in South Korea, we are pleased to proceed with overseas development in collaboration with AUM Biosciences. We hope that CHC2014 will be successfully developed and contribute to the healthy lives of patients with rare cancers."
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