Oscotec and Beactica Therapeutics announce license and collaboration agreement to develop new cancer drug
Oscotec Inc. (039200: KOSDAQ), the Korean drug development company, and Beactica Therapeutics AB, the Swedish drug discovery company, today announced a new research development and licensing agreement. Oscotec and Beactica will initially jointly collaborate concerning research and early preclinical development of novel anti-cancer drug candidates arising out of Beactica’s LSD1 programme. Oscotec may thereafter opt to take full responsibility for clinical development and commercialization.
Under the terms of the agreement, Oscotec is entitled to gain exclusive global rights for further development and commercialization of Beactica’s programme. Beactica is eligible to receive up to EUR 149 million in potential preclinical, clinical and regulatory milestones, including an upfront and equity payment from Oscotec upon signing of the agreement. Furthermore, Beactica is eligible to receive double-digit royalties on commercial sales of the products resulting from the partnership. Beactica is also entitled to revenue shares from any related future licensing activities by Oscotec. Full financial details remain undisclosed.
“We are thrilled about the opportunity to work with Beactica on the LSD1 allosteric inhibitor programme that we hope opens up very unique and exciting possibilities,” said Dr Taeyoung Yoon, CEO/CSO of Oscotec. “Not only could this opportunity fill our need of balancing the preclinical pipeline in the short term, we are convinced that the partnership will also bring to us added value of collaborative science where the two companies complement each other extremely well.”“This is a landmark agreement for Beactica, and we are delighted to be working with Oscotec.” said Dr Per Källblad, CEO of Beactica Therapeutics. “Their commitment to building a strong clinical pipeline of targeted therapeutics in immunology and oncology makes Oscotec an ideal partner for our programme.”
Oscotec Inc. Contact
James Cho, Director
mscho@oscotec.com
Phone: +82 316287616
Beactica Therapeutics AB Contact
Per Källblad Ph.D., CEO
per.kallblad@beactica.com
Tel: +46 18560880
About Oscotec
Oscotec is a clinical stage drug discovery and development company. Our mission is to create values by translating cutting edge science into innovative medicine for clinically unmet needs. We focus on discovering small molecules with a novel mechanism of action and validating the drug-target-disease hypothesis through rigorous science into clinical proof-of-concept. We aspire to become a leading “discovery engine” that provides the critical impact in developing transformative therapies that will improve patients’ lives. For more information, please visit www.oscotec.com.
About Beactica Therapeutics
Beactica Therapeutics AB is a specialist drug discovery company, utilising its proprietary methodologies to evaluate the interactions of molecules in order to generate novel therapeutics. As well as advancing its own pipeline of first-in-class small molecule allosteric modulators of disease-associated proteins, with a focus in oncology, Beactica offers partnerships using its proprietary drug discovery platform. Founded in 2006 based on research carried out at Uppsala University, Beactica has established a reputation as a world-leader in fragment-based drug discovery using SPR biosensor technology. For more information on Beactica Therapeutics, please visit www.beactica.com.
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