South Korean pharmaceutical company retains Novateur's product development and business development team
Daewoong Pharmaceutical retained Novateur's product development and business development team to support development of two of their immunology assets. The Novateur team supported the Daewoong team to FDA IND clearance as well a Global License Agreement with Vitalli Bio, a newly formed US biotechnology company, for its autoimmune disease drug candidate DWP2133388.
Vitalli Bio is founded by the Aditum Bio. Aditum Bio was founded in 2020 by former Novartis CEO Joe Jimenez and Mark Fishman, the former head of the Novartis Institutes for BioMedical Research.
For this deal, Daewoong will receive over US$10 million in upfront commitments, and the deal is worth up to US$477 million. In addition, Vitalli Bio will be granted an option to license earlier stage dual-target inhibitors in development by Daewoong.
Press Release (via Novateur):
Novateur Ventures Heralds Client Daewoong Pharmaceutical’s Global License Agreement with Vitalli Bio
Press Release (via PR Newswire):
Daewoong Pharmaceutical announces a Global License Agreement for DWP213388, a new drug candidate for autoimmune disease with Vitalli Bio
Fierce Biotech (article by Nick Paul Taylor):
Joe Jimenez's Aditum finds fresh twist on old idea, paying $10M for autoimmune BTK inhibitor
Endpoints News (article by Paul Schloesser):
Company founded by ex-Novartis execs inks $477M in-license deal