[THE INVESTOR] HanAll BioPharma, an affiliate of Daewoong Pharmaceutical, said on Dec. 26 that it received US$30 million of upfront payment from Switzerland-based biotech startup Roivant Sciences as a part of license-out deal for its autoimmune disease treatment HL161.
On Dec. 19, the Korean firm announced it licensed rights to the drug candidate that blocks pathogenic antibody recycling that causes autoimmune disease to Roivant Sciences.
HanAll BioPharma CEO Park Seung-kook (center)
The contract is worth a total of US$502.5 million, including US$20 million for drug development costs and US$452.5 million for potential milestone payments.
Roivant Sciences will undertake phase 1 clinical trial of HL161 which has been underway in Australia by Quintiles, a US contract research organization, under a previous deal with HanAll BioPharma.
“We expect the clinical studies will accelerate with Roivant’s clinical experts,” HanAll BioPharma said in a statement.
While Roivant Sciences has secured exclusive rights to develop and commercialize HL161 in North America, Latin America, EU, Middle East and North Africa, its Chinese licenses were granted to Habour BioMed.
In September, HanAll‘s two biologics -- the anti-FcRn monoclonal antibody HL161 and anti-TNF ophthalmic solution HL036 -- were licensed to Habour BioMed to develop, manufacture and commercialize the candidates in Greater China, including Hong Kong, Macau and Taiwan.
According to the Korean biotech, the Shanghai-based firm has paid a total of US$4 million upfront, including US$1 million it received on Dec. 21 on the completion of tech transfer.
By Park Han-na (firstname.lastname@example.org)