Novartis turns to South Korea for latest cardiovascular drug development deal
Phase 1License out/inAHA
Novartis licensed exclusive rights to Chong Kun Dang Pharmaceutical’s experimental HDAC6 inhibitorHDAC6 inhibitor CKD-510 under a deal potentially worth $1.3 billion, the South Korean company announced. The small-molecule drug has shown preclinical efficacy in several HDAC6- related conditions, including cardiovascular disease, with safety and tolerability assessed in Phase I studies in Europe and the US.
As part of the agreement, which excludes South Korea, Novartis will make an upfront payment of $80 million, with Chong Kun Dang eligible for milestones of $1.2 billion, as well as sales royalties. Lee Mi-yeop, head of product development at Chong Kun Dang, said that CKD-510 is expected to “grow into a global new drug,” given Novartis’ “extensive experience…and strong commercialization capabilities.”
Shares in Chong Kun Dang jumped as much as 26% on the news.
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