GI Innovation Signs Technology Transfer Agreement Worth 298 Billion KRW with Japanese Dermatology Company

Allergy Treatment 'GI-301'
Technology Transferred to 100-Year-Old Dermatology Company Maruho
Milestone Payments Received in Stages
"Actively Cooperating with Global Technology Transfer"

GI Innovation announced on the 16th that it has licensed its allergy treatment drug 'GI-301' to Maruho, a Japanese dermatology company, for approximately 298 billion KRW.

The technology transfer agreement ceremony for GI-301 by GI Innovation held at Maruho headquarters in Japan on the 16th. Lee Byung-geon, Chairman of GI Innovation, and Atsushi Sugita, CEO of Maruho. (From left) [Photo by GI Innovation]

Through this contract, GI Innovation will receive a non-refundable signing fee from Maruho, as well as milestone payments for clinical development, commercialization, and sales royalties. The contract period is from the 16th until the expiration of the royalties. The total contract amount, combining fixed and conditional payments, is 298.2174 billion KRW. The upfront payment will be made within 30 days from the contract execution date, and subsequent development and commercialization milestones will be paid within 60 days after invoice receipt.

According to the agreement, Maruho will lead the clinical trials and commercialization of GI-301 in Japan. Established in 1915, Maruho is a dermatology specialist company with over 100 years of tradition, engaged in research and development (R&D) of treatments for skin dryness, atopic dermatitis, psoriasis, acne, and other diseases, as well as manufacturing and selling pharmaceuticals. As of the end of September last year, its consolidated sales amounted to approximately 95.3 billion yen (about 860 billion KRW), with 96% of its pharmaceutical sales being skin disease products. Maruho accounts for about 38% of the sales of dermatology-related specialty drugs in Japan.

GI Innovation explained that the licensing of GI-301 in Japan was mainly due to its proven superior therapeutic effects compared to existing blockbuster competing drugs. GI-301 is a novel dual-fusion protein drug that combines the extracellular portion of the FcεRIα, the Immunoglobulin E (IgE) binding site, with long-acting drug technology. It demonstrated excellent IgE suppression effects in preclinical monkey studies and Phase 1a clinical trials.

Jang Myung-ho, Chief Strategy Officer (CSO) of GI Innovation, stated, "Due to the unique characteristics of the Japanese market, where there is high demand for allergy treatments, many Japanese pharmaceutical companies showed strong interest in GI-301. Among them, we selected Maruho, a leading company specializing in clinical trials and commercialization of dermatological diseases, as the final licensee."

GI Innovation expects that securing clinical trials in Japan through this licensing will positively impact the technology transfer of GI-301 (YH35324) by Yuhan Corporation, which holds the global rights. Japan, with its high proportion of allergy patients, is an essential clinical trial region for global pharmaceutical companies.

Lee Byung-geon, Chairman of GI Innovation, said, "We will not only strengthen clinical cooperation with Maruho in Japan to greatly help pediatric and adult patients suffering from allergic diseases worldwide but also actively cooperate to support Yuhan Corporation's global technology transfer of GI-301 (YH35324) in the future."

Meanwhile, GI Innovation licensed the global rights of GI-301 (YH35324), excluding Japan, to Yuhan Corporation in 2020 for approximately 1.4 trillion KRW. Currently, a Phase 1b clinical trial is underway in South Korea.

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