LG Chem Licenses Gout Drug 'Tigulixostat' Technology to China Innovent

Transfer of Development and Commercialization Rights in China Region
Including $10 Million Advance Payment
Contract Worth Up to $95.5 Million

[Asia Economy Reporter Lee Gwanju] LG Chem announced on the 15th that it has signed a contract to transfer the exclusive rights for development and commercialization of its self-developed gout drug 'Tigulixostat' in China to the Chinese company Innovent Biologics.

LG Chem has secured a non-refundable upfront payment of 10 million USD and will receive up to 85.5 million USD sequentially as milestone payments based on development and commercialization achievements in China. Royalties based on annual sales will also be received separately each year.

Through this contract, LG Chem is expected to expand the commercialization potential in the Chinese market while focusing more on clinical trials in the US, Europe, and other regions.

Tigulixostat is a drug that works by inhibiting the expression of the uric acid-producing enzyme xanthine oxidase (XO). LG Chem is conducting Phase 3 clinical trials involving over 3,000 global patients in the US, Europe, and other regions.

Sohn Jiwoong, Head of Life Sciences Business Division at LG Chem, said, "Based on the experience and expertise of both companies, we will make every effort to commercialize a global gout drug," adding, "We will continue to expand a competitive new drug pipeline through bold investments and aim to become a global innovative pharmaceutical company by producing visible results."

Yongjun Liu, CEO of Innovent, stated, "We will closely cooperate with LG Chem to develop an optimal gout drug that overcomes the limitations of existing treatments."

This content was produced with the assistance of AI translation services.