LG CHEM23 Nov 2024 15:36
Are we due an update...
April 2019
Drug development collaborations – LG Chem Life Sciences In October 2018, Avacta agreed an Affimer therapeutics development partnership and licence agreement with LG Chem Life Sciences; part of the South Korean LG Group. This multi-target agreement provides for upfront payment of US$2.5m and near-term milestone payments of up to a further US$5.5m in addition to longer term development milestones totalling US$180m to the company. Avacta will also receive royalties on any future product sales and LG Chem will cover the company’s research and development costs associated with the collaboration. Avacta has also outlined that it may receive an additional US$130m in option fees and milestone payments should LG Chem elect to exercise its options for additional Affimer targets in the future. As part of the agreement with LG Chem, Avacta will generate and conduct early stage optimisation of Affimer drug candidates against multiple undisclosed targets. LG Chem and Avacta will then collaborate to progress these candidates towards drug selection. It has been agreed that LG Chem will be responsible for pre-clinical and regulatory studies, clinical development and world-wide marketing of any resulting products. LG Chem intends to make the first regulatory filing for an Affimer therapeutic in 2021.
https://www.turnerpope.com/wp-content/uploads/2019/06/Avacta_9_April_2019.pdf
30 June 2022
LG Chem renews license triggering payment to Avacta
LG Chem will now proceed with Investigational New Drug (IND) enabling studies for Affimer PD-L1 antagonist programme
Avacta Group plc (AIM: AVCT), a clinical stage biopharmaceutical company developing innovative cancer therapies and powerful diagnostics based on its proprietary Affimer® and pre|CISION™ platforms, is pleased to announce that LG Chem Life Sciences (LG Chem), the life sciences division of the South Korean LG Group, has exercised its renewal option as part of the ongoing collaboration with Avacta, triggering a license renewal fee payment to Avacta of $2 million.
https://www.lse.co.uk/rns/AVCT/lg-chem-renews-license-triggers-payment-to-avacta-7gii4g6ttod0hb5.html
Looking at their Pipeline LR19128 is still in PreClinical…what’s taking so long???!!!
https://innovation.lgchem.com/ResearchDevelopment/Pipeline.do