License Agreement Valued at $70 Million
Including Upfront and Milestone Payments
Idience, a subsidiary of Ildong Pharmaceutical Group specializing in anticancer drug development, announced on September 8 that it has signed separate license agreements for its targeted anticancer drug candidate, venadaparib, with partner companies in the EAEU (Eurasian Economic Union) and GCC (Gulf Cooperation Council) regions.
According to Idience, once venadaparib is commercialized, the company will supply the finished pharmaceutical product to its partners, while each partner will be responsible for obtaining local approvals and registrations, as well as handling marketing and sales in their respective regions.
The contract partners are Lancet, a pharmaceutical and distribution company based in Russia, and Quadri Pharmaceuticals from the United Arab Emirates. The total contract value, including upfront payments and milestone fees, is approximately 50 million dollars (about 70 billion won).
The company explained that separate provisions have been established regarding the receipt of royalties based on local supply payments and sales if venadaparib is launched as a new drug, as well as support for development costs from partners when EAEU region patient groups participate in global Phase 3 clinical trials.
Under this agreement, Lancet will acquire the rights to develop, market, and sell venadaparib in six countries: Russia, Belarus, Kazakhstan, Kyrgyzstan, Armenia, and neighboring Uzbekistan. The company will also retain additional options for future expansion into neighboring countries such as Azerbaijan and Georgia.
Quadri Pharmaceuticals, the partner in the GCC region, will secure the rights to venadaparib in six countries: the United Arab Emirates, Saudi Arabia, Qatar, Kuwait, Bahrain, and Oman, and will be responsible for marketing, distribution, and sales in these markets.
Venadaparib is an oral targeted anticancer therapy in the PARP (Poly ADP-ribose polymerase) inhibitor class. It selectively induces the death of cancer cells by modulating PARP, an enzyme involved in the repair of cellular DNA damage.
In 2022, it received Orphan Drug Designation (ODD) from the U.S. FDA for the treatment of gastric cancer. Currently, clinical Phase 2a trials for combination therapy in gastric cancer are underway in Korea and the United States, along with studies targeting various solid tumors, including breast cancer.
An Idience representative stated, "This license agreement is highly significant as it demonstrates the value of venadaparib and marks the full-scale entry into the global market. The EAEU and GCC regions together account for about 4.5% of global pharmaceutical demand, representing markets with substantial growth potential and promising future business prospects."
The representative added, "In the field of third-line treatment for gastric cancer, which is the main focus of venadaparib, there remains a high level of unmet need. We expect that entering these markets will help secure sales and profits and provide momentum for our business. We also plan to accelerate licensing-out efforts in other global regions currently under negotiation."
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