November 29, 2024

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LegoChem Biosciences' headquarters in Daejeon (LegoChem Biosciences)

LegoChem Biosciences, a South Korean drug company, announced on Friday that the company signed a technology transfer agreement with US multinational biopharmaceutical company Amgen to transfer antibody-drug conjugate technology.

The contract could potentially be worth 1.6 trillion won ($1.2 billion), the Korean firm stated in a public disclosure.

ADC is a medicine that can deliver highly potent chemotherapy agents to kill cancer cells.

Under the contract, LegoChem Biosciences will transfer an antibody drug conjugate platform that is currently going through clinical trials. Amgen will have rights to develop and commercialize drugs using the platform according to the contract.

Amgen will make milestone payments upon the achievement of specified clinical, regulatory and commercial milestones. The payments could reach up to 1.6 trillion won. LegoChem Biosciences will also be paid royalties based on sales of Amgen’s drugs using the ADC platform.

But, the specific amount of advance payment and royalties have not been disclosed.

LegoChem Biosciences CEO Kim Yong-zu said he “is pleased to sign the contract with Amgen, the world’s leading multinational cancer treatment developer.” Kim expressed hopes that “the latest contract could become an opportunity for the company to expand its partnerships with other global players and to strengthen the company’s ADC pipelines.”

To date, LegoChem Biosciences has signed a total of 12 technology transfer agreements and option deals regarding ADC technologies. The contracts, when combined, are worth around 6.5 trillion won, the company added.

Upon the company's announcement, LegoChem Biosciences stock rose 10.28 percent to 41,300 won as of 1:50 p.m. on Friday, from the previous day's 37,450 won.

By Shim Woo-hyun (ws@heraldcorp.com)