Huadong Medicine Secures License For IMBiologics' Autoimmune Drugs

MT Newswires Live08-16

Huadong Medicine (SHE:000963), through its unit Hangzhou Sino-US Huadong Pharmaceutical, has obtained an exclusive license for two of IMBiologics' autoimmune drugs, according to a Friday disclosure on the Shenzhen Stock Exchange.

Huadong Medicine will pay the South Korean biotech company an initial payment of $6 million, a technology transfer milestone payment of $2 million, a development, registration and sales milestone payment of up to $307.5 million, and a tiered net sales royalty fee.

The Chinese pharmaceutical company can sell the drugs, IMB-101 and IMB-102, in 37 Asian countries, including China. The company also received the rights to develop, register and produce the drugs.

IMB-101, being developed to treat rheumatoid arthritis, is undergoing phase I clinical trials in the US. IMB-102, which is undergoing preclinical studies, has potential indications for moderate to severe atopic dermatitis and other autoimmune diseases, the company said.

Price (RMB): Â¥28.33, Change: Â¥+0.56, Percent Change: +2.02%

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