IP Group PLC Avacta signs deal with LG Chem worth up to $310m
10 December 2018 - 6:05PM
RNS Non-Regulatory
TIDMIPO
IP Group PLC
10 December 2018
FOR RELEASE ON 10 December 2018
IP Group plc - Portfolio company Avacta signs development
alliance with LG Chem Life Sciences worth up to $310m including
$180m across upfront, near-term payments and development
milestones
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), the
developer of intellectual property-based businesses, is pleased to
note that AIM-listed portfolio company Avacta Group plc ("Avacta")
has agreed an Affimer(R) therapeutics development partnership and
license agreement with LG Chem Life Sciences (LG Chem), part of the
South Korean LG Group, worth up to $180m across upfront, near-term
payments and development milestones.
The agreement, which is aimed at developing Affimer(R)
therapeutics in several disease areas, may also result in an
additional $130m in option fees and milestone payments should LG
elect to exercise their options for additional targets. Avacta will
also receive royalties on any future product sales and LG Chem will
cover Avacta's costs of research and development associated with
the collaboration.
IP Group currently holds a direct undiluted beneficial stake of
17.1% in Avacta while IP Venture Fund holds 1.0%.
Avacta will generate and carry out early-stage optimisation of
Affimer(R) drug candidates against multiple undisclosed targets. LG
Chem and Avacta will collaborate to progress these candidates
through to drug candidate selection, and LG Chem will be
responsible for pre-clinical and regulatory studies, clinical
development and world-wide marketing of any resulting products.
The Affimer(R) technology is Avacta's proprietary alternative to
antibodies with wide applications in the life sciences for drug
development, diagnostics and research tools. Avacta's in-house
therapeutic pipeline is focused on immuno-oncology and the Group
expects to advance its lead programme, a PD-L1/LAG3 bispecific,
into the clinic in 2020 whilst building out its pipeline of
innovative Affimer(R) drug candidates.
For more information, please contact:
IP Group plc www.ipgroupplc.com
+44 (0) 20 7444 0050
Alan Aubrey, Chief Executive Officer
Greg Smith, Chief Financial Officer +44 (0) 20 7444 0062/+44 (0)
Liz Vaughan-Adams, Communications 7979 853802
Charlotte Street Partners
Andrew Wilson +44 (0) 7810 636995
Martha Walsh +44 (0) 7876 245962
Tom Gillingham +44 (0) 7741 659021
Notes for editors
About IP Group
IP Group is a leading intellectual property commercialisation
company which focuses on evolving great ideas, mainly from its
partner universities, into world-changing businesses. The Group has
pioneered a unique approach to developing these ideas and the
resulting businesses by providing access to business building
expertise, capital (through its 100%-owned FCA-authorised
subsidiaries IP Capital and Parkwalk Advisors), networks,
recruitment and business support. IP Group has a strong track
record of success and its portfolio comprises holdings in
early-stage to mature businesses across life sciences and
technology. IP Group is listed on the Main Market of the London
Stock Exchange under the code IPO.
Group holdings in portfolio companies reflect the undiluted
beneficial equity interest excluding debt, unless otherwise
explicitly stated.
For more information, please visit our website at
www.ipgroupplc.com.
ENDS
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
NRATMBRTMBMBMTP
(END) Dow Jones Newswires
December 10, 2018 02:05 ET (07:05 GMT)
Ip (LSE:IPO)
Historical Stock Chart
From Apr 2024 to May 2024
Ip (LSE:IPO)
Historical Stock Chart
From May 2023 to May 2024
