SK signs $572M deal for Full-Life prospect, advancing bid to lead Asia's radiopharma

SK Biopharmaceuticals, a prominent Korean biotech, is making significant strides to establish itself as a leader in the radiopharmaceutical sector in Asia. The company has initiated this expansion by agreeing to a substantial deal worth up to $571.5 million with Full-Life Technologies. This agreement allows SK to license a promising drug candidate currently under development by Full-Life Technologies.

Historically, SK Biopharmaceuticals has concentrated its efforts on developing treatments for central nervous system disorders, with its well-known epilepsy drug, Xcopri, at the forefront. However, the company is now diversifying its focus. About a year ago, SK announced its strategic plans to delve deeper into oncology, specifically identifying radiopharmaceuticals as a key area for growth. This move aligns SK with several prominent Big Pharma companies also exploring opportunities in the radiopharmaceutical market.

The collaboration with Full-Life Technologies marks a significant step in SK’s expansion strategy. Full-Life is a radiotherapeutics biotech that operates in multiple regions, including Belgium, Germany, and China. Through this partnership, SK has acquired the NTSR1-directed radionuclide drug conjugate program, known as FL-091, from Full-Life’s pipeline.

The NTSR1 receptor is overexpressed in various tumor types such as colorectal, breast, pancreatic, and head and neck cancers. This has led Full-Life to target the neurotensin receptor for radioligand therapy. Recently, Full-Life published promising preclinical data on FL-091, indicating its potential as a therapeutic option. As part of the public pipeline, Full-Life also has a PSMA program in human testing, with FL-091 nearing the clinical development phase.

Under the terms of the deal, SK Biopharmaceuticals has gained global rights to advance FL-091. The agreement involves up to $571.5 million in upfront and milestone payments, though the specific amount of the upfront payment has not been disclosed. Additionally, SK has obtained the right of first negotiation for other pre-selected programs from Full-Life.

This expansion into the radiopharmaceutical domain is a crucial component of SK’s broader oncology strategy. SK’s CEO, Donghoon Lee, hinted at the introduction and execution of detailed radiopharmaceutical business plans later in the year through a press release. This move represents one piece of SK's comprehensive strategy to enhance its oncology capabilities. Earlier in 2023, SK reinforced its commitment to oncology by acquiring a 60% stake in Proteovant Therapeutics. This acquisition was aimed at bolstering SK's protein degradation capabilities and establishing a dedicated cancer research and development center.

Overall, SK Biopharmaceuticals’ recent deal with Full-Life Technologies exemplifies the company’s ambitious plans to expand its expertise and presence in the radiopharmaceutical sector. By diversifying its pipeline and portfolio, SK aims to position itself as a leading player in oncology and radiopharmaceuticals, driving innovative treatments for various cancers.