STOCKHOLM, March 2, 2021 /PRNewswire/ -- Oscotec Inc. (039200: KOSDAQ), the Korean drug development company, and Beactica Therapeutics AB, the Swedish drug discovery company, today announced a new research development and licensing agreement. Oscotec and Beactica will initially jointly collaborate concerning research and early preclinical development of novel anti-cancer drug candidates arising out of Beactica's LSD1 programme. Oscotec may thereafter opt to take full responsibility for clinical development and commercialization.
Under the terms of the agreement, Oscotec is entitled to gain exclusive global rights for further development and commercialization of Beactica's programme. Beactica is eligible to receive up to EUR 149 million in potential preclinical, clinical and regulatory milestones, including an upfront and equity payment from Oscotec upon signing of the agreement. Furthermore, Beactica is eligible to receive double-digit royalties on commercial sales of the products resulting from the partnership. Beactica is also entitled to revenue shares from any related future licensing activities by Oscotec. Full financial details remain undisclosed.
"We are thrilled about the opportunity to work with Beactica on the LSD1 allosteric inhibitor programme that we hope opens up very unique and exciting possibilities," said Dr Taeyoung Yoon, CEO/CSO of Oscotec. "Not only could this opportunity fill our need of balancing the preclinical pipeline in the short term, we are convinced that the partnership will also bring to us added value of collaborative science where the two companies complement each other extremely well.""This is a landmark agreement for Beactica, and we are delighted to be working with Oscotec." said Dr Per Källblad, CEO of Beactica Therapeutics. "Their commitment to building a strong clinical pipeline of targeted therapeutics in immunology and oncology makes Oscotec an ideal partner for our programme."
CONTACT:
Oscotec Inc. Contact
James Cho, Director
mscho@oscotec.com
Phone: +82 316287616
Beactica Therapeutics AB Contact
Per Källblad Ph.D., CEO
per.kallblad@beactica.com
Tel: +46 18560880
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