LG Chem to develop protein therapeutics with British biotech firm

By Park Sae-jin Posted : December 11, 2018, 11:12 Updated : December 11, 2018, 11:12

[Courtesy of Avacta]


SEOUL --  LG Chem, a unit of South Korea's LG group, forged an alliance with British biotherapeutics company Avacta to jointly develop and commercialize protein technologies intended to treat patients with inflammatory disorders and cancers.

In a joint statement, the two companies said that LG Chem's life science division gained exclusive rights to globally develop and commercialize multiple "Affimer" therapeutics. LG Chem provides royalties on future product sales and covers the cost of Avacta's research and development.

Affimer is the commercial name for Avacta's peptide aptamer. Affimer molecules work as a modular, molecular toolkit for drug development, diagnostics and research. Avacta focuses on the development, optimization and engineering of Affimer drug candidates, while LG Chem is responsible for the preclinical and clinical development of drug candidates and the marketing of final products.

"I believe, this innovative collaboration will deliver value to patients and will transform patients’ lives," LG Chem's life science division head Son Jee-woong was quoted as saying.
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