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Biz News Korea(Eng)
Mitsubishi Tanabe Pharma cancels Invossa license deal signed with Kolon Life
- Collected
- 2017.12.20
- Distributed
- 2017.12.22
- Source
- Go Direct
Kosdaq-listed shares of Kolon Life plunged 14.12 percent to trade at 128,300 won, and Invossa developer TissueGene lost 10.12 percent at 45,300 won at 1:00 pm on Wednesday.
In 2016, TissueGene, a Maryland-based regenerative medicine company affiliated with Kolon Life Science, signed an exclusive licensing and development agreement with Mitsubishi Tanabe Pharma and Kolon Life Science over Invossa, the world`s first cell-mediated gene therapy for degenerative osteoarthritis, for the Japanese market.
Mitsubishi Tanabe is arguing that TissueGene breached the contract as it failed to notice a change in the location of production of sample drugs for a phase III study in the U.S.
Kolon Life Science insists that it had planned to produce sample drugs for clinical trials in Wuxi, China as it did in the past, but it changed the production location to CMO Lonza and the transition was fully communicated to Mitsubishi.
An official at Kolon Life Science said Mitsubishi’s argument does not meet the condition for revoking the contract because the information on the progress in clinical research was fully communicated, adding the dispute will be referred to the Korean Commercial Arbitration Board unless amicably settled within 40 business days.
Invossa is Korea’s first home-grown cell and gene therapy and 29th novel medicine approved by the Ministry of Food and Drug Safety.
By Shin Chan-ok and Minu Kim
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]