Affibody will receive a license conversion fee and milestone payments as well as royalties. Further financial details were not disclosed.
Affibody, a clinical stage biopharmaceutical company developing a pipeline of innovative drug projects, has announced that its partner Daewoong, a South Korea-based pharmaceutical company, has exercised an option under the companies’ ongoing collaboration.
“We are pleased to announce that our long-time partner, Daewoong, has decided to exercise their option to develop and commercialise an innovative new half-life extended biotherapeutics product,” said David Bejker, CEO of Affibody.
“We believe that the preclinical results generated by Daewoong support the innovative strengths of our technology."
"I am delighted to have established this collaboration with Affibody to develop long-acting basal insulin that harness the benefits of high affinity of fused insulin and albumin binding domain to increase duration of action and peak-less pharmacokinetic profile," added Jongsang Ryu, Head of C&D Center at Daewoong.
“We are very excited about the potential of this collaboration to develop long-acting diabetes treatments and about its considerable commercial value to Daewoong in the future.”
Affibody is a clinical stage Swedish biotech company with a broad product pipeline focused on developing innovative bi- and multispecific next-generation biopharmaceuticals based on its unique proprietary technology platforms: Affibody molecules and Albumod.
The company operates a focused experimental medicine model and currently has three clinical stage programmes.
The first two are therapeutic programmes that target psoriasis and B-cell driven autoimmune diseases, respectively. The third programme is a diagnostic imaging program that is directed primarily towards metastatic breast cancer.