LG Chem has entered into a $95.5 million technology transfer agreement with Nanjing-based Innovent Biologics for gout treatment candidate Tigulixostat.
Under the deal, HKEX-listed Innovent Biologics will have exclusive rights to develop and market the gout treatment in China, while LG will retain rights in other countries.
The deal is worth $95.5 million, including $10 million in upfront payments and $85.5 million in milestone payments. LG Chem will receive additional royalties based on further sales of the drug.
Tigulixostat is an orally active, non-purine selective xanthine oxidase inhibitor. It reduces the production of uric acid and is aimed at gout patients with hyperuricemia.
LG Chem is currently conducting global Phase 3 clinical trials of the candidate in 3,000 patients in the United States and certain European countries.
“We will try to bring the gout treatment to market based on the experience and expertise of both companies,” said Song Jae-woon, head of life sciences at LG Chem. “LG Chem will make the leap to become a global pharmaceutical company by continuously expanding its pipeline through aggressive investment.”
SARAH CHEA [[email protected]]