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LigaChem Biosciences has acquired a stake in U.K.-based antibody-drug conjugate (ADC) biotech Iksuda Therapeutics, strengthening its leadership in ADC development for the global market.
Meanwhile, Celltrion, Iksuda's existing co-largest shareholder, will pursue an independent development path, drawing industry attention.
(Credit: Getty Images)
(Credit: Getty Images)
LigaChem Bio announced last Friday that it is taking control of Iksuda through a $25 million (about 36.6 billion won) equity investment. The investment will give LigaChem Bio a 26.6 percent stake in Iksuda, with the option to increase its stake to 73.9 percent within three years through agreements with existing investors.
The first tranche of LigaChem Bio's investment of $15 million was completed in the fourth quarter of last year, with an additional $10 million to be invested in mid-2025. LigaChem Bio will effectively lead Iksuda's management and pipeline development through this agreement.
“Through this investment, we will focus on early clinical development and commercialization of our pipelines by leveraging Iksuda's rich clinical development capabilities in the ADC field,” LigaChem Bio CEO Kim Yong-zu said. "We also plan to further strengthen open innovation to secure future growth drivers beyond this investment and achieve VISION 2030 ahead of schedule."
Since 2020, LigaChem Bio has been partnering and working closely with Iksuda. In April 2020, the companies signed a technology transfer agreement for the ADC platform technology. In June 2021, they expanded the ADC platform technology transfer for three additional targets, granting Iksuda development and commercialization rights for six targets, increasing the agreement's value from $472.5 million to $812.5 million.
The two companies have also been actively engaged in pipeline technology transfers. In May 2020, LigaChem Bio transferred LCB73 for $227 million, and in December 2021, the two companies signed a co-development and technology transfer agreement for LCB14 (HER2-ADC), which was in phase I clinical trials in China.
Under the agreement, Iksuda has secured global development and commercialization rights for LCB14 outside of China and Korea. LigaChem Bio will receive up to $59.3 million in upfront and near-term milestones and up to $1 billion in milestone payments, including development, licensing, and commercialization milestones and separate royalties.
Iksuda currently has multiple pipelines for the treatment of solid tumors and hematologic cancers, including LCB14 (HER2-ADC), LCB73 (CD19-ADC), and IKS04 (CanAg-ADC) and IKS012 (FRα-ADC), which were in-licensed from LigaChem Bio and developed using its platform technology.
LigaChem Bio will use the investment to expand global clinical trials for patients resistant to competing ADC drugs, accelerating technology transfer and increasing the value of its HER2-ADC pipeline.
In a phase 1a/1b study conducted by our Chinese partner Fosun Pharma, its HER2-ADC candidate LCB14 (FS-1502) demonstrated significant antitumor activity in patients with HER2-positive metastatic breast cancer. Relatively fewer adverse events were observed with existing HER2 ADC therapies, such as Enhertu (trastuzumab deruxtecan) and Kadcyla (trastuzumab emtansine).
Notably, Celltrion, the former co-largest shareholder of Iksuda, has agreed to transfer its direct and indirect stakes in Iksuda to a third party.
In January 2023, Celltrion became the co-largest shareholder with Mirae Asset Group through a Series A investment in Iksuda, bringing its total stake to 47.05 percent. At the time, Celltrion identified the ADC space as an emerging growth driver and sought to leverage Iksuda's ADC technology and pipeline to expand its anticancer antibody therapeutics.
Celltrion has now secured its own ADC development platform, technology, and candidates, aiming to advance nine ADC candidates by 2028.
As part of this strategy, Celltrion received approval from the U.S. Food and Drug Administration for a phase 1 IND for its ADC cancer drug candidate CT-P70 earlier this month.
CT-P70 is an ADC cancer drug candidate that targets the cMET (cellular mesenchymal-epithelial transition), which is activated on cancer cells to promote tumor growth. It is being developed for patients with solid tumors, including non-small cell lung cancer, colorectal cancer, and gastroesophageal cancer.
“As part of our rapid strategy shift to ADC drug development, we have already acquired development platforms, technologies, and candidates,” Celltrion said. We plan to focus on our ADC pipeline currently in development and rapidly bring new ADC drugs to market using these acquired technologies and platforms.”
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Kim Chan-hyuk kch@docdocdoc.co.kr
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