April Bio and Yuhan Corporation announced on the 22nd that they had signed a technology license and joint R&D contract to develop new drug candidates.
Through this contract, the two companies plan to conduct joint research to develop a new drug candidate for a dual-acting long-acting fusion protein by utilizing April Bio’s long-acting recombinant protein (SAFA) platform technology and Yuhan’s new drug R&D capabilities.
In particular, this joint R&D aims to develop candidate substances applicable to intractable solid cancer by combining Yuhan’s anticancer targeting technology and April Bio’s half-life-increasing SAFA platform technology.
With this contract, April Bio will receive contracted technology fees from Yuhan Corporation when certain milestones are achieved, including down payment, and receive a certain percentage of annual net sales as recurring technology fees. In the future, even if Yuhan enters into a license agreement with a third party, a certain percentage of the proceeds may be distributed. Specific contract terms were not disclosed.
April Bio CEO Cha Sang-hoon said, “We plan to develop substances that can safely and effectively remove cancer cells by combining April Bio’s SAFA platform and dual-acting anticancer drug development technology with Yuhan’s immuno-oncology development know-how.” We will continue our research so that we can provide new treatment options to suffering patients.”
Yuhan CEO Jo Wook-je said, “Through this joint research, we expect the synergistic effect of the technologies possessed by the two companies to successfully derive innovative drug candidates from diseases that have unmet demand. We will promote innovation.”
Meanwhile, April Bio entered the KOSDAQ in July following passing the preliminary examination for listing on the KOSDAQ in May. Yuhan Corporation participated as a strategic investor (SI) and currently holds a 10.25% stake in April Bio, making it the second largest shareholder.
