Kolon Life Science signs technology transfer deal with Juniper Biologics

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Kolon Life Science inked a technology transfer deal worth up to 723.4 billion won ($590 million) with Singapore's Juniper Biologics for its cell and gene therapy drug TG-C, otherwise known as Invossa.

Under the deal, Juniper Biologic gets exclusive rights to develop and market the osteoarthritis treatment in Japan, the Middle East and Africa. Kolon Life Science maintains the rights in Korea, China, Hong Kong and Taiwan.

The deal includes a 15-billion-won payment up front and up to 708.4 billion won in milestone payments.

Invossa is currently undergoing Phase 3 clinical trials in the United States. The trials were halted in May 2019 after the safety and efficacy of the drug were brought into question when it was revealed that one of the ingredients in Invossa was mislabeled in submissions to the Ministry of Food and Drug Safety for approval. The ministry revoked the license immediately.

In April 2020, however, the U.S. Food and Drug Administration allowed the company to resume Phase 3 clinical trials. The trials are being handled by Kolon TissueGene, its U.S. subsidiary.

"If the resumption of Phase 3 trials of TG-C was an opportunity to ease concerns over its safety, the latest technology transfer deal will be important in helping the drug be recognized for its technology and value in the global market," said Lee Woo-sok, CEO of Kolon Life Science.

BY SARAH CHEA [chea.sarah@joongang.co.kr]