South Korea's GI Innovation Inc. announced on Monday it has transferred its allergy treatment "GI-301" to the Japanese pharmaceutical company Maruho. The contract is valued at 298 billion won ($220 million).
Maruho, founded in 1915, is a pharmaceutical company specializing in the field of skin diseases, conducting research, development, manufacturing, and sales of treatments for conditions such as dry skin, atopic dermatitis, psoriasis, and acne.
Through this agreement, GI Innovation will receive upfront payment, milestone fees including clinical development, commercialization, and sales royalties from Maruho, with no obligation for repayment. Maruho plans to lead clinical trials and commercialization of GI-301 in Japan.
Most allergic diseases occur when immunoglobulin E (IgE) produced when exposed to allergens binds to mast cells or basophils, resulting in the release of histamine and the manifestation of symptoms. GI-301, as explained by GI Innovation, is a fusion protein that blocks the binding of IgE to mast cells and other effector cells.
Previously, in 2020, GI Innovation transferred the global rights of this candidate compound to South Korea's Yuhan Corpo., excluding Japan.
"We look forward to actively supporting the global technology transfer of GI-301 (YH35324) to Yuhan Corporation in the future," CEO and Chairman of GI Innovation Rhee Byung-geon said.
Write to Ye-Na Kim at
yena@hankyung.com
