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Biz News Korea(Eng)
Dong-A ST in $180 mn prospective technology transfer deal with U.S. drug maker
- Collected
- 2018.01.19
- Distributed
- 2018.01.22
- Source
- Go Direct
Under the agreement, Dong-A ST will receive $2 million in advanced free and 5 percent in NeuroBo Pharmaceuticals shares. It will additionally gain up to $178 million payments in prospective milestones from stage-by-stage clinical tests and receive royalty after commercialization. The deal could fetch as much as $180 million.
Shares of Dong-A ST finished Thursday 3.8 percent higher at 124,500 won ($116).
The technology transfer deal with NeuroBo Pharmaceuticals will be effective in regions around the world with contract period lasting for the longer period of either 12 years after the first drug release by country or until the patent expires.
NeuroBo Pharmaceuticals will be engaged in global clinical development and approval of DA-9801 as well as sales. Dong-A ST will maintain exclusive selling right of the treatment in Korea.
DA-9801 is a natural diabetic neuropathy treatment that helps relieve pain and generate nerves. The Korean drug maker has completed its second clinical test of the treatment and is readying its third test.
Diabetic neuropathy is a nerve disorder resulting from hyperglycemia that kills or degenerates nerve cells mainly in the hands and feet.
By Shin Chan-ok and Lee Eun-joo
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