I am Bio Secures Consecutive Autoimmune Disease Drug Technology Exports... Earning Up to 1.7 Trillion Won

IMBioLogics' bispecific antibody-based autoimmune disease treatment candidate, Oxytima (IMB-101), which was developed after being transferred from HK Inno.N and Y-BioLogics, has been licensed out to China following the United States. The contract size amounts to up to $315.5 million (approximately 431 billion KRW), including an upfront payment of $8 million (about 10.9 billion KRW). When combined with previous contracts, the total potential contract value increases to 1.7 trillion KRW.

IMBioLogics announced on the 16th that it signed a license agreement for Oxytima and IMB-102 with China Huadong Medicine on the 14th. The target regions exclude Korea, North Korea, and Japan but include the rest of Asia. In addition to a non-refundable upfront payment of $8 million (with $6 million paid immediately after the contract and $2 million after technology transfer completion), the company can receive up to $307.5 million in milestone payments based on development and commercialization stages. It will also receive royalties of up to double-digit percentages based on annual net sales, and will share profits separately according to a predetermined ratio if third-party sublicenses occur.

Oxytima is IMBioLogics' core pipeline, a bispecific antibody drug that simultaneously targets OX40L and tumor necrosis factor (TNF). It originated from a candidate molecule derived through joint research by HK Inno.N and Y-BioLogics starting in 2016. In 2020, Ha Kyung-sik, a former HK Inno.N executive, and others founded IMBioLogics and acquired Oxytima through technology transfer. IMB-102 is a monospecific antibody pipeline targeting only OX40L. The original developers, HK Inno.N and Y-BioLogics, will receive a certain percentage of the revenue and royalties separately under this contract.

Oxytima and IMB-102 were previously licensed out to Navigator Medicine in the United States on June 17. The contract covered global regions excluding Asia (including Japan), with an upfront payment of $20 million and a total potential value including milestones of up to $944.75 million (approximately 1.2867 trillion KRW). Combining both contracts, the total contract value reaches $1.26025 billion (approximately 1.7165 trillion KRW).

IMB-101 is currently undergoing a Phase 1 clinical trial in the United States. The trial is designed as a hybrid of Phase 1a, a single dose in healthy adults, and Phase 1b, repeated dosing in patients. The Phase 1a dosing is expected to be completed soon, and Navigator Medicine plans to initiate Phase 1b in the second half of the year.

The Chinese partner in this contract, China Huadong Medicine, is a subsidiary of Huadong Medicine and is considered one of the top 10 pharmaceutical companies in China. Its main pipelines include antibody-drug conjugates (ADC), immune disease antibodies, and biosimilars.

Ha Kyung-sik, CEO of IMBioLogics, said, “We are very pleased to have signed a license agreement with Huadong Medicine, which possesses the infrastructure and development capabilities necessary for antibody therapeutic research and development,” adding, “Through cooperation with our existing R&D partner Navigator Medicine and Huadong Medicine, we will focus all our capabilities to ensure that Oxytima and IMB-102 are launched as global innovative new drugs.”

Ryu Liang, Chairman and CEO of Huadong Medicine, emphasized, "IMBioLogics is a leading Korean biotech company developing innovative antibody therapeutics for various autoimmune diseases,” and “Oxytima and IMB-102 have the potential to treat autoimmune diseases affecting hundreds of thousands of patients, including atopic dermatitis, asthma, and hidradenitis suppurativa.”