Yuhan Corporation and April Bio Sign Technology License and Joint Research Development Agreement
[Asia Economy Reporter Lee Gwan-joo] Yuhan Corporation and April Bio announced on the 22nd that they have signed a technology license and joint research and development agreement for the development of new drug candidate substances.
Through this agreement, the two companies will conduct joint research to develop dual-action long-acting fusion protein new drug candidates by utilizing April Bio's sustained-release recombinant protein (SAFA) platform technology and Yuhan Corporation's new drug research and development capabilities.
Under this contract, April Bio will receive a contract fee from Yuhan Corporation, including milestone payments upon achieving specific milestones, and will receive a certain percentage of annual net sales as royalties. In the future, if Yuhan Corporation enters into license agreements with third parties, April Bio will also receive a share of the revenue. Specific contract terms were not disclosed.
Cha Sang-hoon, CEO of April Bio, stated, "By combining April Bio's SAFA platform and dual-action anticancer drug development technology with Yuhan Corporation's expertise in immuno-oncology drug development, we plan to develop substances that can remove cancer cells more safely and effectively." He added, "We will devote ourselves to research to provide new treatment options for patients suffering from various intractable solid tumors."
Jo Wook-je, CEO of Yuhan Corporation, said, "We expect a synergistic effect from the technologies held by both companies through this joint research and will strive to successfully derive innovative new drug candidates for diseases with unmet needs." He also stated, "We will continue to actively promote open innovation for new drug development."
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April Bio successfully completed its preliminary review for KOSDAQ listing in May and officially entered KOSDAQ in July. Yuhan Corporation participated as a strategic investor (SI) in April Bio and currently holds a 10.25% stake, making it the second-largest shareholder.
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