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[Alpha Biz=(Chicago) Reporter Kim Jisun] Chong Kun Dang announced on the 6th that it has signed a technology export contract worth 1.73 trillion won for the new drug candidate "CKD-510" with Novartis, a global big pharma.
The total size of the technology export contract is 1.35 billion dollars, which is about 1.73 trillion won.
CKD-510 is a new drug candidate material developed by Chong Kun Dang and is an Histone deacetylase 6 (HDAC6) inhibitor with highly selective non-hydroxamic acid (NHA) platform technology. Preclinical studies have confirmed the efficacy of several HDAC6-related diseases, including cardiovascular disease. Clinical trials conducted in Europe and the United States have proven safety and tolerability.
Under the contract, Novartis will have exclusive rights around the world except Korea for the development and commercialization of CKD-510, a low-molecular compound HDAC6 suppressant developed by Chong Kun Dang.
Chong Kun Dang will receive a down payment of 80 million dollars (about 106.1 billion won) and a milestone of 1.225 billion dollars (about 1.6241 trillion won) according to future development and approval stages and sales royalties based on sales.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
