LG Chem renews license triggering $2M payment to Avacta

South Korean clinical stage biopharmaceutical company, LG Chem Life Sciences, has triggered a license renewal fee to UK-based oncology drug company Avacta Group plc. of $2 million.

Avacta develops cancer therapies and diagnostics based on its proprietary Affimer and pre|CISION platforms. Under the terms of the agreement, LG Chem has the exclusive rights to develop and commercialize, on a global basis, Avacta’s Affimer PD-L1 inhibitor with Affimer XT serum half-life extension for a range of indications.

LG Chem has exercised its license renewal option and will progress the PD-L1/XT candidate by starting pre-clinical studies which are intended to form the basis of an Investigational New Drug (IND) submission.

Checkpoint inhibitor

Alastair Smith, chief executive officer of Avacta, said: “I am very pleased with the progress being made by our partners LG Chem with the Affimer PD-L1 checkpoint inhibitor program, which includes the Affimer XT serum half-life extension technology. The initiation of IND enabling studies represents a significant step towards first-in-human clinical trials of the Affimer platform, which is a key value driver for the technology and for Avacta.”

In December 2018,

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