Avacta reaches milestone in LG Chem partnership
pharmafile | September 29, 2021 | News story | Research and Development |
Clinical stage biopharmaceutical company, Avacta Group plc, has announced that a preclinical development milestone has been achieved in the partnership with LG Chem Life Sciences (LG Chem).
Avacta is focused on developing innovative cancer therapies and powerful diagnostics, serving patients in the UK. The company has a multi-target therapeutics development partnership with LG Chem, with the aim of developing Affirmer® therapeutics in several disease areas. The Affirmer platform is an alternative to antibodies, derived from a small human protein.
LG Chem Life Sciences is a business division within LG Chem, engaged in the development, manufacturing, as well as commercialising pharmaceutical products globally. To achieve global presence, the company is seeking out global collaboration encompassing from asset-centric to strategic investment and collaboration.
As part of the agreement, LG Chem has exclusive rights to develop and commercialise Avacta’s Affirmer PD-L1 inhibitor with Affirmer XT® serum half-life extension, on a worldwide basis.
Under the terms of the partnership agreement, LG Chem also has the rights to develop and commercialise other Affirmer and non-Affirmer biotherapeutics, and Avacta could earn up to $55 million in milestone payments for each of these new products. Avacta will also earn royalties on all future Affirmer XT product sales by LG Chem.
Dr Alastair Smith, Chief Executive of Avacta Group, commented: “I am delighted with the progress in our important strategic partnership with LG Chem. LG Chem is a world-class drug development partner with excellent biologics manufacturing and clinical development capabilities and a pioneering vision to develop innovative drugs.
“I am particularly pleased that we have achieved this significant milestone with a novel Affimer bispecific product, which highlights the tremendous promise of the Affimer platform.”
Affirmer XT is a system for extending the time a drug spends in the circulation (serum half-life extension). A long serum half-life increases the exposure of a tumour to the drug, and potentially therefore improves the therapeutic effect.
Lina Adams
