TG Therapeutics and Ildong Pharmaceutical have signed a licensing deal to develop and commercialize an oncology candidate, Ublituximab, in South Korea and Southeast Asia.
Under the contract, Ildong gains Ublituximab development rights in the region for all therapeutic indications.
TG Therapeutics will earn $2m upfront payment as well as sales based milestone, and royalty payments.
TG Therapeutics chairman and interim CEO Michael Weiss said, "Having already demonstrated impressive clinical activity in patients with relapsed and refractory Chronic Lymphocytic Leukemia, Ublituximab has shown itself to be a promising treatment for patients with B-cell related disorders."
TG Therapeutics is developing the oncology candidate for hematologic malignancies and other B-cell lymphoproliferative disorders.
Currently, a Phase I/II trial being conducted in North America is evaluating the anti-CD20 antibody in relapsed or refractory non-Hodgkin's lymphoma patients.
Ildong chairman and CEO Jung-Chi Lee said, "We believe Ublituximab, a next generation anti-CD20 therapy will strengthen our presence in oncology and auto-immune areas and look forward to working with TG Therapeutics in developing Ublituximab in South Korea and Southeast Asia."
MedCI was the licensing advisor to TG Therapeutics for the deal.
