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March 19, 2024

Kolon Life Science inks license deal with Mundipharma for Invossa

PUBLISHED : November 19, 2018 - 16:56

UPDATED : November 19, 2018 - 16:56

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[THE INVESTOR] Kolon Life Science said on Nov. 19 it has entered an agreement with Mundipharma to license out Invossa, its gene therapy designed to treat osteoarthritis, for the Japanese market, in a deal that could be potentially worth 667.7 billion won (US$591.60 million).

Under the deal, Mundipharma will retain exclusive rights for the development, marketing and distribution of the cell-mediated gene therapy Invossa in Japan. 


Kolon Life Sciences CEO Lee Woo-sok (left) and Mundipharma CEO Raman Singh



In return, the Korean drug maker will receive non-refundable upfront fees of 30 billion won and potential milestone payments of around 537.7 billion won. The company is eligible to receive royalties on sales. The contract lasts for 15 years following Invossa’s launch in Japan.

Invossa is an intra-articular injection that is a non-surgical treatment option to treat the knee disorder. Based on US phase 2 clinical trials and phase 3 trials in Korea, the therapy demonstrated sustained pain reduction and functional improvement of articular joint for one year following a single injection.

Kolon Life Science said the new licensing deal has cleared concerns on the company’s plan to make inroads in Japan after its 500 billion won-worth contract with Mitsubishi Tanabe Pharma collapsed in December 2017.

“Given the fact that this license deal surpasses the size of the agreement with Mitsubishi Tanabe, we believe Mundipharma saw a strong possibility of successful approval and commercialization of Invossa in Japan market,” the company said in a statement.

Kolon Life Science said it is confident of market expansion in Japan, considering the Asian country’s standard of living, level of income and market demands.

A study in Japan found that in men and women aged over 40, the prevalence of knee osteoarthritis was 42.6 percent and 62.4 percent, respectively, and that more than 31 million Japanese people could be affected.

The drug makers are focusing on the nation with fast-aging population as the risk of osteoarthritis increases with age.

The contract with Mundipharma is the latest among a string of export deals for Invossa. The company has inked a combined 357 billion won worth deals to supply Invossa to Hong Kong, Macau, Mongolia, Saudi Arabia and China.

By Park Han-na (hnpark@heraldcorp.com)  

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