[THE INVESTOR] South Korea’s Dong-A ST, a subsidiary of Dong-A Socio Holdings, said on Dec. 28 it has signed a license agreement with AbbVie Biotechnology to develop a candidate substance of anti-cancer drug in a deal potentially worth over 600 billion won (US$496 million).
Under the pact, the subsidiary of US-based AbbVie agreed to pay the Korean drug maker US$40 million upfront and up to US$485 million tied to achieving milestones.
The early-stage drug substance candidate is an inhibitor of Mer Tyrosine Kinase, which aberrantly elevate in various tumor cells.
AbbVie Biotechnology will have exclusive global rights, except in South Korea, to sell the substance.
By Park Han-na (hnpark@heraldcorp.com)