AVCT10 Dec 2018 08:04
Major multi-target Affimer® therapeutics development alliance with LG Chem Life Sciences
Up to $180 million in upfront, near term payments and development milestones
Avacta Group plc (AIM: AVCT), the developer of Affimer® biotherapeutics and reagents, is pleased to announce that it has agreed an Affimer® therapeutics development partnership and license agreement with LG Chem Life Sciences (LG Chem), part of the South Korean LG Group, to develop Affimer® therapeutics in several disease areas.
This multi-target therapeutics development agreement provides for upfront and near-term milestone payments, plus longer-term clinical development milestones totalling $180 million. Avacta will also receive royalties on any future product sales and LG Chem will cover Avacta's costs of research and development associated with the collaboration. Avacta may receive an additional $130 million in option fees and milestone payments should LG elect to exercise their options for additional targets.