New drug development corporations Oscotec jumped more than 8% in early trading on the 2nd. Buying is piling in on news that it signed a technology transfer deal worth up to 1 trillion won with a U.S. pharmaceutical company.
As of 9:49 a.m. on the 2nd, Oscotec was trading at 44,150 won on the KOSDAQ market, up 3,600 won (8.88%) from the previous session.
Oscotec said on the 1st that it would transfer the global exclusive development and commercialization rights for its autoimmune disease treatment candidate "Cevidoplenib" to Agios Pharmaceuticals in the United States and receive an upfront payment of $25 million (about 37.5 billion won). Agios Pharmaceuticals is a global biotech corporation specializing in the development and commercialization of treatments for rare diseases.
Including milestones for development, approval and commercialization phases, the total contract size is up to $665 million (about 1 trillion won), and separate royalties will be paid after commercialization.
Meanwhile, on Mar. 3, Oscotec signed a joint development contract with Yatiri Bio for the acute myeloid leukemia (AML) treatment candidate "Denfivontinib."