Affibody Announces Option Exercise by Daewoong
April 30, 2020
Solna, Sweden, April30, 2020. Affibody AB (“Affibody”), a clinical stage biopharmaceutical company developing a pipeline of innovative drug projects, today announced that its partner Daewoong, a South Korea-based pharmaceutical company, has exercised an option under the companies’ ongoing collaboration.
“We are pleased to announce that our longtime partner Daewoong has decided to exercise their option to develop and commercialize an innovative new half-life extended biotherapeutics product” said David Bejker, CEO of Affibody. “We believe that the preclinical results generated by Daewoong support the innovative strengths of our technology”.
“I am delighted to have established this collaboration with Affibody to develop long-acting basal insulin that harness the benefits of high affinity of fused insulin and albumin binding domain to increase duration of action and peak-less pharmacokinetic profile: ” says Jongsang Ryu, Head of C&D Center at Daewoong. “We are very excited about the potential of this collaboration to develop long-acting diabetes treatments and about its considerable commercial value to Daewoong in the future.”
Affibody will receive a license conversion fee and milestone payments as well as royalties. Further financial details were not disclosed.
Affibody is a clinical stage Swedish biotech company with a broad product pipeline focused on developing innovative bi- and multi-specific next generation biopharmaceuticals based on its unique proprietary technology platforms: Affibody® molecules and Albumod™.
The company operates a focused experimental medicine model and currently has three clinical stage programs. The first two are therapeutic programs that targets psoriasis, and B-cell driven autoimmune diseases respectively. The third program is a diagnostic imaging program that is directed primarily towards metastatic breast cancer.
Affibody AB is a holding of Patricia Industries. For more information on Affibody, please visit the company’s website at www.affibody.com