TG Therapeutics and Ildong Pharmaceutical have signed a licensing deal for the development and commercialisation of Ublituximab in South Korea and South-East Asia.
Under the deal, Ildong will gain exclusive rights for all therapeutic indications of Ublituximab in the region.
By offering the drug licence, TG Therapeutics will earn a $2m upfront payment, in addition to 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."
Ublituximab is being developed by TG Therapeutics for treating hematologic malignancies and other B-cell lymphoproliferative disorders.
At present, a North American Phase I/II trial is assessing the chimeric monoclonal antibody in relapsed or refractory non-Hodgkin's lymphoma patients.
Ildong chairman and CEO Jung-Chi Lee said the inclusion of Ublituximab in its biologics pipeline is a strategic fit for the company.
"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 South-East Asia," Lee added.
MedCI acted as the licensing advisor to TG Therapeutics and provided assistance for the transaction.
Ublituximab carries orphan status for B-cell chronic lymphocytic leukemia in both Europe and the US.