On April 28, Daewoong Pharmaceutical, headed by CEO Jeon Sengho and Lee Chang-jae, made a groundbreaking announcement: they had just signed a Global License Agreement with US-based biotechnology company Vitalli Bio for their promising new autoimmune disease drug candidate, DWP213388. This monumental step forward could help to revolutionize the treatment of autoimmune diseases.
Daewoong Pharmaceutical has entered into an agreement with Vitalli Bio, a portfolio company of Aditum Bio, granting them exclusive rights to the development and commercialization of DWP213388 in the global market, while still retaining rights in some Asian regions, including Korea.
In exchange, Daewoong will receive an upfront commitment of over $10 million and a deal worth up to $477 million, as well as an option to license earlier stage dual-target inhibitors in development.
Daewoong Pharmaceutical is developing DWP213388, a revolutionary first-in-class new drug that targets Bruton’s Tyrosine Kinase (BTK) and Interleukin-2-inducible T-cell kinase (ITK) simultaneously. This groundbreaking drug has been granted US Food and Drug Administration (FDA) clearance for an Investigational New Drug (IND) application to initiate a Phase 1 clinical trial.
Moreover, remarkable efficacy has been demonstrated in various autoimmune disease animal models such as Rheumatoid Arthritis (RA). DWP213388 is set to revolutionize the world of medicine, providing a much-needed dual inhibition of B cells and T cells.
Aditum Bio, the biotech investment firm founded in 2019 by former Novartis CEO Joe Jimenez and Harvard Medical School professor Dr. Mark Fishman, the former President of the Novartis Institutes for BioMedical Research (NIBR), has been bringing innovative new treatments to the clinic since inception.
With Dr. Fishman’s impressive track record of discovering and successful clinical trials for 90 new medicines in over 120 indications during his tenure at NIBR, Aditum Bio’s ninth venture, Vitalli Bio, is led by a team of experts with extensive global pharmaceutical industry and clinical development experience. By leveraging Aditum Bio’s unique investment and operating model, Vitalli Bio is able to rapidly advance novel drug candidates into the clinic, bringing them to the patients who need them most.
Jeon Sengho, CEO of Daewoong Pharmaceutical, was delighted by the Agreement, a testament to the excellence of DWP213388 and Daewoong’s new drug development technology. He went on to say that Daewoong will continue to bring groundbreaking and innovative drugs to the global pharmaceutical market.
Aditum Bio CEO Joe Jimenez is enthusiastic about the collaboration with Daewoong, expressing his admiration for their biotechnology research capabilities. Together, they are poised to bring a much-needed therapy to patients with their joint effort.
Autoimmune diseases are on the rise, with the global autoimmune disease treatment market set to reach $115 billion by 2022. This is due to the fact that the immune system inside the human body has begun to recognize normal cells as antigens, instead of external threats like bacteria and viruses, and is attacking them. This has become a major health threat, but with the right treatments, it can be managed and contained.
About Daewoong Pharmaceutical
Daewoong Pharmaceutical Co., Ltd., established in 1945, is a South Korean pharmaceutical giant that has revolutionized the healthcare industry with its cutting-edge R&D and advanced manufacturing facilities.
Now a global healthcare leader, Daewoong’s total healthcare solutions have been implemented in over 100 countries worldwide, with strategic partnerships and branch offices in Asia and the US. By providing a comprehensive healthcare solution, Daewoong aims to become a trusted healthcare partner to customers around the world.
In 2022, Daewoong made a splash in the global market with a license agreement worth USD 923 million that granted permission to use their groundbreaking medicine ‘Fexuclue’ for the treatment of gastroesophageal reflux disease in the Philippines and Ecuador.
Not only that, but the company also successfully launched ‘Envlo’, a revolutionary sodium glucose cotransporter 2 (SGLT2) inhibitor for diabetes, and sealed an export contract with Brazil and Mexico totaling USD 84.36 million. It was a landmark year for Daewoong as they continue to make strides in the international arena.
About Aditum Bio
Aditum Bio is on a mission to revolutionize public health. By focusing on the basic mechanisms of disease and in-licensing promising drug candidates, they are providing life-changing solutions to both large and more targeted patient populations.
Aditum Bio is utilizing the most advanced data, software and technology to bring these innovative medicines through the clinical trial phase more quickly and cost-effectively than ever before. Join them in their journey to make a lasting impact on the world!