Olix Signs License Agreement Worth Up to 500 Billion KRW with China's Hansoh Pharmaceutical

[Asia Economy Reporter Hyunseok Yoo] Olig, a company developing innovative new drugs for various intractable diseases based on RNA interference technology, announced on the 12th that it has signed a license and collaboration agreement for siRNA therapeutic research and development with Jiangsu Hansoh Pharmaceuticals Group Co, Ltd, a leading biopharmaceutical company in China.

Based on Olig's GalNAc-asiRNA platform technology, the two companies plan to discover therapeutic substances for cardiovascular and metabolic diseases and develop treatments by utilizing Hansoh Pharmaceuticals' R&D, manufacturing, and commercialization capabilities. Hansoh Pharmaceuticals will have exclusive rights to the treatment within the Greater China region, while Olig will hold rights in all other countries.

Through this agreement, Olig is expected to receive an upfront payment of approximately 7.7 billion KRW (65 million USD) from Hansoh Pharmaceuticals, along with milestone payments totaling up to approximately 530 billion KRW (451 million USD) and separate royalties.

Donggi Lee, CEO of Olig, said, "We are very pleased to have signed a technology transfer agreement with Hansoh Pharmaceuticals, one of the major pharmaceutical companies in China," adding, "This agreement is based on our GalNAc-asiRNA platform technology."

He continued, "I believe this proves the excellence of our platform technology, which has shown potential in various indications," and stated, "We will do our best to develop innovative new drugs based on the potential of Olig's technology and Hansoh Pharmaceuticals' clinical progress and commercialization know-how."

Aifeng Lyu, President of Hansoh Pharmaceuticals, emphasized, "We are very excited to sign a contract with Olig, a leading company in the siRNA field that has entered the clinical stage based on RNA interference platform technology," and added, "We will work together to develop innovative treatments for diseases with high demand in China by utilizing Olig's GalNAc-asiRNA platform technology."