Avacta and LG Chem have a multi-target therapeutics development agreement to develop Affimer® therapeutics in several disease areas. As part of the agreement, LG Chem has the exclusive rights to develop and commercialise, on a world-wide basis, Avacta’s Affimer® PD-L1 inhibitor with Affimer XT® serum half-life extension.
LG Chem has successfully completed certain pre-clinical in-vivo models in the PD-L1/XT programme leading to the selection of a pre-clinical candidate for further development towards the clinic and triggering an undisclosed milestone payment.
The partnership also provides LG Chem with rights to develop and commercialise other Affimer® and non-Affimer biotherapeutics combined with Affimer XT® half-life extension for a range of indications and Avacta could earn up to $55m in milestone payments for each of these new products. In addition, under the agreement Avacta will earn royalties on all future Affimer XT® product sales by LG Chem.
Dr. Alastair Smith, Chief Executive of Avacta Group, commented: “I am delighted with the progress in our important strategic partnership with LG Chem. LG Chem is a world-class drug development partner with excellent biologics manufacturing and clinical development capabilities and a pioneering vision to develop innovative drugs.
I am particularly pleased that we have achieved this significant milestone with a novel Affimer® bispecific product, which highlights the tremendous promise of the Affimer® platform.”
About Affimer XT®
Affimer XT® is a system for extending the time a drug spends in the circulation (“serum half-life extension”). Affimer XT® comprises an Affimer® that binds to a large blood protein called Serum Albumin that is too large to be cleared rapidly from the circulation. Half-life extension can be achieved by linking Affimer XT® to a small drug such as an Affimer® PD-L1 inhibitor to make a bispecific drug molecule. A small drug that might otherwise be cleared through the kidneys in a matter of hours, will remain in the circulation for many days if attached to Serum Albumin via Affimer XT®. A long serum half-life increases the exposure of a tumour to the drug and potentially therefore improves the therapeutic effect.