Share Prices & Company Research

Market News

10 Dec 2018 | 14:09

Avacta forms therapeutics development pact with South Korea's LG Group

Avacta Group said it had formed a development partnership and license agreement with a unit of South Korea's LG Group for biotherapeutics in several disease areas.

The agreement provided for upfront and near-term milestone payments, plus longer-term clinical development milestones, totalling $180m.

Avacta would also receive royalties on any future product sales and LG Chem would cover Avacta's costs of research and development associated with the collaboration.

Avacta said it may receive an additional $130m in option fees and milestone payments, should LG elect to exercise options for additional targets.

'This alliance is an exciting opportunity, not only to work with a partner who has first class biologics manufacturing and clinical development capabilities, but who also has a pioneering vision to develop innovative therapies,' chief executive Alastair Smith said.

At 2:09pm: (LON:AVCT) Avacta Group PLC share price was +8.3p at 31.5p

Story provided by
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.