inno.N

HK inno.N (CEO: Dalwon Kwak) announced on 17th of June that ‘IMB-101(OXTIMA),’ a bispecific antibody-based new drug candidate substance simultaneously targeting OX40L and TNF-α (tumor necrosis factor-α), jointly developed with IM Biologics(CEO Gyongsik Ha) and Y-Biologics (CEOs of independent representation: Young Woo/Park/Woo Ick Jang), succeeded in technology transfer to a US-developed pharmaceutical development company.

The total value of the deal amounts to $940 million (approx. KRW 1.3 trillion) with upfront payment set at $20 million (approx. KRW 27.6 billion). The process of the technology transfer agreement was led by IM Biologics. The applicable territory of the licensing-out agreement includes global regions excluding Asia (including Japan). Under the terms of the agreement, HK inno.N will receive a predetermined percentage of the total value of the agreement as revenue, and is entitled for additional royalties based on post-launch sales.

The US licensee, Navigator Medicines, is a pharmaceutical development company specializing in the development of OX40-OX40L signal inhibitors, and is a portfolio company of RA Capital Management, a US large venture capital firm.

IMB-101 is a bispecific antibody-based drug candidate substance developed for treatment of autoimmune diseases; it targets OX40L and TNF simultaneously, capable of controlling both inflammatory cytokines and T-cells. The drug candidate was discovered by the joint research between HK inno.N and Y-Biologics, which started in 2016.

HK inno.N transferred this project to IM Biologics, which was founded by the antibody therapeutics research team of the company, in August 2020. IM Biologics developed the compound as their main pipeline (IMB-101). In July last year, IM Biologics obtained approval from the U.S. Food and Drug Administration (FDA) to conduct a Phase 1 clinical trial for IMB-101, and this license-out agreement was achieved before completion of the clinical trial.

An official from HK inno.N highlighted the significance of this deal, “This agreement has significant implications in that a new drug candidate discovery pipeline based on the joint R&D between three domestic pharmaceutical and biotech companies, leveraging the synergistic effect from the respective expertise and strengths of the three companies, succeeded in breaking into the US market,” and added, “HK inno.N’s endeavor will continue to produce visible results and accomplishments at a faster pace through active open innovation platforms in many different areas.”

An official from Y-Biologics stated, “We would like to express our respect and appreciation on the achievements of our joint R&D partners,” and added, “We will continue to demonstrate the excellence of our antibody discovery platform, making ongoing efforts to establish the company as a world-class player in the field of new antibody therapeutics development.” 

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- Exchange rate applied: KRW 1,379.7/ USD 1 (June 17, 2024)