Abpro to receive up to $1.1 billion, including a $30 million upfront equity investment, clinical funding, milestones, and royalties
Abpro grants exclusive license to Abpro Bio, formerly named Ugint Co. Ltd, to develop and commercialize ABP-100 and ABP-201 in Asian markets, including Greater China, Japan, and South KoreaTwo Bispecific Antibody Candidates included are for Immuno-Oncology and OphthalmologyWOBURN, Mass., March 03, 2020 (GLOBE NEWSWIRE) — Abpro, a biotechnology company dedicated to developing next-generation antibody therapeutics to improve the lives of patients with severe and life-threatening diseases, today announced the formation of a strategic partnership to advance two bispecific antibodies in key Asian markets including Greater China, Japan, and South Korea.The strategic partnership was formed with Abpro Bio Co. Ltd (“Abpro Bio”) (KOSDAQ: 195990), formerly known as Ugint Co. Ltd. Under this partnership agreement, Abpro has granted an exclusive license to Abpro Bio to develop and commercialize two of Abpro’s bispecific antibody candidates: ABP-100 and ABP-201.  ABP-100 is in development for immuno-oncology with initial indications including gastric, breast and endometrial cancers. ABP-201 is in development for ophthalmology with initial indications inclusive of Wet AMD (age-related macular degeneration) and diabetic macular edema. The collaboration will also leverage Abpro’s proprietary DiversImmune™ antibody platform for generating novel molecules.“We are delighted to form this important partnership and expand our geographical reach across Asia for two of our key programs.  We plan to partner with Abpro Bio to propel the development of ABP-100 and ABP-201 in diseases that have large unmet patient needs across Asia,” said Mr. Ian Chan, CEO of Abpro. “This strategic partnership provides resources to accelerate our pipeline based on our Diversimmune™ platform in immuno-oncology and ophthalmology indications.  Together, we plan to conduct preclinical and clinical development programs in both geographies.”Pursuant to the agreement, Abpro will lead global clinical development of the bi-specific candidates and work closely with Abpro Bio. Key terms of the agreement include:Abpro will receive from Abpro Bio up to $1.1 billion in total payments, including a $30 million upfront equity investment, and an additional $1.05 billion based on clinical milestones, post-approval payments, and royalties as ABP-100 and ABP-201 progress through the clinical development and regulatory approval processes in Greater China, Japan, and South Korea. In addition, Abpro Corporation’s two co-founders, Ian Chan and Eugene Chan, as well as Robert S. Langer, PhD, Institute Professor at MIT, will join the Board of Abpro Bio Ltd.“We are excited to form this alliance with Abpro to bring these much needed therapies to Asia to treat patients suffering from cancer and eye disease. There are very large populations of patients in this region for these therapies. We look forward to progressing these therapies through the clinic and ultimately to patients. Abpro’s immuno-oncology and ophthalmology therapies, as well as the Diversimmune™ platform, will become a cornerstone for us as we build a leading biotechnology company in Asia,” said Mr. Yang, Co-CEO at Abpro Bio.Outside the partnership, Abpro continues to make headway on a number of other programs in immuno-oncology and other major disease areas. The company has multiple programs in development, including some with partners across the globe, including Memorial Sloan Kettering, AstraZeneca, and Nanjing Chia Tai Tianqing Pharmaceutical Co.About ABP 100 and ABP 201ABP-100 and ABP-201, two of Abpro’s lead programs, are bispecific antibody therapies for the treatment of solid tumors, including breast, gastric and colorectal, and ophthalmology diseases, such as Wet AMD and diabetic macular edema, respectively. ABP-100 targets HER2 and CD3 for the treatment of Her2+ solid tumors. ABP-201 is designed to block blood vessel formation and normalize damaged vessels through co-targeting VEGF and ANG2. Abpro is developing ABP-201 to treat vascular diseases of the eye, focusing on diabetic macular edema and Wet AMD.About AbproAbpro is a biotechnology company dedicated to developing next-generation antibody therapeutics to improve the lives of patients with severe and life-threatening diseases. Abpro’s antibody discovery and engineering platform, the DiversImmune™ platform, enables the generation of novel antibodies and next-generation antibody therapies. Abpro is leveraging these platforms, both independently and though collaborations with global pharmaceutical companies and research institutions to develop therapeutic antibodies for use in immuno-oncology, ophthalmology, and other disease areas. Abpro is based in Woburn, Massachusetts. For more information, visit www.abpro.com.About Abpro Bio Ltd. Co. /UgintAbpro Bio Co., Ltd., a KOSDAQ listed company in South Korea, formerly named Ugint Co. Ltd and established in 1991, is a company with diversified holdings in precision machining tools equipment and biotechnology. The Company markets its machining products around the world. The Company established a biotechnology business through a strategic alliance with Abpro, based in the Boston area. Through this alliance, the Company has exclusive Asian rights to two bispecific antibody therapeutic candidates, ABP-100 and ABP-201.  ABP-100 is in development for immuno-oncology with initial indications inclusive of gastric, breast and endometrial cancers. ABP-201 is in development for ophthalmology with initial indications inclusive of Wet AMD and diabetic macular edema.Media Inquiries:
Asia-based media:
Edmond Lococo, Managing Director, ICR Inc.
[email protected]
+86 138-1079-1408U.S.-based media:
Sean Leous, Senior Vice President, ICR Inc.
[email protected]
+1 646-866-4012Investor Inquiries:
Stephanie Carrington, Managing Director, ICR Inc.
[email protected]
+1 646-277-1282
Bay Street News