SK Biopharmaceuticals inks $58 million deal for pain treatment drug

Industry

Published: 18 Apr. 2024, 17:32

SK Biopharmaceuticals inks $58 million deal for pain treatment drug

SK Biopharmaceuticals CEO Lee Dong-hoon speaks during the 42nd J.P. Morgan Healthcare Conference in San Francisco, California, in January. [SK BIOPHARM]

SK Biopharmaceuticals inked a technology transfer deal worth up to $58 million with Shanghai, China-based Ignis Therapeutics for a nonnarcotic pain treatment candidate.

The deal grants Ignis Therapeutics exclusive rights to develop and market the candidate, named SKL22544, globally.

The size of the deal is potentially $58 million, including a $3 million upfront payment, up to $55 million in milestone payments and additional royalties based on the drug’s future sales.

SK Biopharmaceuticals is also empowered to repurchase the rights to the U.S. market until the candidate's efficacy is confirmed. The right for the Korean market could be transferred to SK in the future.

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