Chong Kun Dang announced on the 12th that it has signed a strategic equity investment and research and development partnership with the antibody new drug development corporation AbClon.
Through this agreement, Chong Kun Dang will acquire 1.4 million shares (7.3% equity) of AbClon via the issuance of new shares and will secure priority for domestic sales of the blood cancer chimeric antigen receptor T-cell (CAR-T) treatment 'AT101 (Nespacel)' that is under development by AbClon.
AT101 is a drug for which AbClon is currently conducting Phase 2 clinical trials with the goal of fast track approval this year. The CAR-T cell therapy works by extracting a cancer patient's T cells, altering their genes outside the body to maximize their ability to recognize and kill specific cancer cells. T cells, a type of immune cell, recognize and destroy cells infected with cancer or viruses.
The two companies plan to establish a comprehensive cooperation system for joint new drug development and commercialization in the future. The company stated, 'We plan to jointly develop therapies for blood cancer, solid tumors, CAR-T therapies, and bispecific antibody therapies,' adding, 'We will form a joint development committee to comprehensively collaborate from selecting development priorities to clinical, approval, and commercialization strategies.'
Kim Young-joo, CEO of Chong Kun Dang, noted, 'We will expand our bio new drug portfolio based on AbClon's next-generation immune cell therapy platform and unique antibody development technology to secure competitiveness for entering the global market.'
Lee Jong-seo, CEO of AbClon, said, 'We will be reborn as a global platform innovative therapeutic corporation based on the agreement with Chong Kun Dang, which possesses the highest level of research and development know-how in the country.'