LegoChem Biosciences signs deal with Prague's Sotio Biotech
LegoChem Biosciences has inked a technology transfer deal worth up to $1.03 billion with Sotio Biotech for antibody-drug conjugate (ADC) technology, the Kosdaq-listed company said Wednesday.
Under the deal, the Prague, Czech Republic-based company gets the rights to deploy ADC technology from LegoChem Biosciences for up to five therapeutic programs targeting tumor-associated antigens.
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.
The size of the deal is potentially $1.028 billion, including a $29.5 million upfront payment and up to $998 million in milestone payments. LegoChem Biosciences will receive additional royalties based on the drug’s future sales.
“This collaboration is yet another example that illustrates how the value proposition of the LegoChem’s platform can increase the competitive position of our partners within the ADC sector,” said Kim Yong-zu, CEO of LegoChem Biosciences, in Wednesday’s statement. “Sotio is an ideal partner for LegoChem due to its expertise and strategic focus on innovative antibody drug conjugates, and we look forward to working closely together on multiple innovative programs.”
Established in 2006, LegoChem Biosciences has signed more than 3 trillion won ($2.5 billion) in ADC technology deals. Four deals were signed in 2021 alone.
BY SARAH CHEA [firstname.lastname@example.org]