Pinobio Expected to Receive First Milestone Payment Related to Celltrion ADC Contract

Pinobio, a biotech specializing in antibody-drug conjugates (ADC), announced on the 24th that it is expected to receive a milestone payment (stepwise royalty) soon following the exercise of the ADC platform technology license option by its partner, Celltrion. This is the first milestone of the ADC platform technology license agreement worth a total of $1.2428 billion (approximately 1.7 trillion KRW) signed by the two companies in October 2022. However, the amount of the milestone to be received this time was not disclosed.

Pinobio CI
Photo by Pinobio

Pinobio will receive the milestone payment as Celltrion recently confirmed it will continue research and development on two candidate substances. Through Pinobio’s proprietary ADC platform, ‘Pino-ADC,’ Celltrion has secured global development and commercialization rights for ADC therapeutics targeting up to 15 targets and is currently developing treatments for solid tumors. Pino-ADC is a next-generation ADC platform that significantly improves the safety and resistance issues of existing ADC therapeutics and provides customized drugs and linkers essential for ADC development according to the preferences of client companies.

Jung Doo-young, CEO of Pinobio, said, “Achieving this milestone means that our ADC platform has excellently met Celltrion’s technical requirements and that the possibility of exercising additional target options in the future has also increased. We will continue to actively cooperate with Celltrion to generate milestone-based revenue and enhance corporate value.”

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