Collaboration extends Development Programme targets

An expansion to its existing multi-target collaboration agreement with LG Chem, the life sciences division of the South Korean LG Group, will see Avacta’s Affimer XT™ serum half-life extension system incorporated into a new programme of biotherapeutics development that could potentially bring milestone payments of up to $55m to Avacta Group.

The extension of the partnership, original established in December 2018, includes an undisclosed additional upfront payment, plus near-term pre-clinical milestones and longer-term clinical development milestones totalling $98.5m for two therapeutics to be developed using the Affimer XT technology. LG Chem also has the exclusive rights to develop and commercialise these new products on a world-wide basis.

Avacta Group chief executive Dr Alastair Smith said: “I am delighted with this expansion to the agreement with LG Chem, with whom we have developed a strong collaborative partnership. LG Chem is a world-class drug development partner with excellent biologics manufacturing and clinical development capabilities and a pioneering vision to develop innovative therapies.”