G2GBIO(456160) was strong early in the session on news that it is partnering with a Chinese biotech that signed a large-scale technology transfer deal with global drugmaker Novo Nordisk.
At 9:31 a.m. on the 20th, G2GBIO was trading at 35,150 won on the KOSDAQ market, up 2,950 won (9.16%) from the previous session.
The share-price rise appears to have been driven by news of a partnership with Chinese biotech United Bio Technology (UBT). G2GBIO said the previous day that it signed a material transfer and platform evaluation agreement with UBT.
Under the deal, G2GBIO will apply its long-acting injectable development platform "InnoLAMP" to UBT's drug candidates. Over the next 12 months, it plans to evaluate the potential to develop long-acting injectables using the technology.
UBT is a company that in March last year signed a technology transfer agreement with Danish drugmaker Novo Nordisk for the diabetes and obesity drug candidate "UBT251." The deal was worth up to $2 billion (about 2 trillion won), including a $200 million upfront payment and $1.8 billion in milestone payments tied to development and commercialization.
However, the specific drug candidate to which G2GBIO's platform will be applied this time was not disclosed. It is currently in the stage of assessing the feasibility of applying the technology, and whether a follow-up contract will be signed has not been decided.
G2GBIO is expanding partnerships with global pharmaceutical and biotech corporations. In Mar. this year, it signed a three-way deal with Samsung Bioepis (Samsung Bioepis) and EPIS NexLab (EPIS NexLab) to develop long-acting obesity treatments and secure platform technology. Earlier, it also pursued research collaboration with a European global drugmaker.
