LegoChem Biosciences inks $400M export deal

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LegoChem Biosciences inks $400M export deal

LegoChem Biosciences has signed a technology export agreement worth up to more than $400 million with a British biotech company for its antibody-drug conjugate (ADC) platform, the company announced Tuesday.

LegoChem Biosciences said it will have exclusive development and commercial rights to three ADC-based anticancer therapies that Newcastle, Britain-based Iksuda Therapeutics will develop using LegoChem Biosciences’ platform.

ADCs are biopharmaceutical drugs designed as targeted therapies to treat cancer. The treatment differs from chemotherapy by sparing healthy cells in the treated areas and has been touted as a next-level technology in cancer treatment. Around 56 pharmaceutical companies in the world were developing ADCs last year.

Under the agreement, LegoChem Biosciences will be paid in stages and will get additional royalties depending on the marketability of the three products, with payments totaling up to $407.25 million. The company said the deal could be expanded in the future if Iksuda Therapeutics exports the technology to a third party.

Additional technology export agreements are possible if Iksuda Therapeutics develops additional drug substances using LegoChem’s technology, LegoChem said. The company added that the final amount may differ depending on the progress of clinical trials and commercialization outcomes of the three ADC-based therapies.

With its sixth technology export agreement since it was founded in 2006, LegoChem has reached a total of more than 1.7 trillion won ($1.4 billion) in deals, the company said. The company reported its first net profit last year, of more than 16 billion won, and aims to sign at least three technology export agreements each year.

The share price for LegoChem rose 4.3 percent to 48,550 won by Tuesday’s close.

BY KO JUN-TAE [ko.juntae@joongang.co.kr]

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