CanaryBio Conducts Due Diligence on Licensing Agreement for Oregovomab with Six Multinational Pharmaceutical Companies

[Asia Economy Reporter Jang Hyowon] Canaria Bio announced on the 23rd that it participated in BioEurope at the end of October and began discussions on licensing agreements for Oreogobomab with multiple multinational pharmaceutical companies, and that it will enter due diligence with six multinational pharmaceutical companies after signing non-disclosure agreements by this week.

Although Canaria Bio is not yet at the non-disclosure agreement stage with additional companies, it is continuing partnership discussions with numerous multinational pharmaceutical companies and plans to negotiate with as many companies as possible to sign licensing agreements with the optimal partner.

Canaria Bio plans to distribute Oreogobomab through partnerships in global markets excluding the United States. In the U.S., it aims to achieve an operating profit margin of over 50% through direct distribution. The global pharmaceutical market research firm Evaluate Pharma has predicted that Oreogobomab could generate sales of up to 6 trillion KRW in the U.S.

Oreogobomab is a new drug that showed encouraging results in Phase 2 clinical trials, with progression-free survival (PFS) extended by 30 months compared to the existing standard treatment, reaching 42 months. Currently, a global Phase 3 clinical trial targeting ovarian cancer patients began in October 2020, and interim results are expected to be announced in the second quarter of next year.

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