South Korea's Kolon Life Science said Wednesday it has clinched a 438 million US dollar contract to export its technology for "INVOSSA", the world's first arthritis gene therapy, to a Japanese drug producer.
Kolon will receive a deposit of 27.3 billion won (23.9 million US dollars) and a step-by-step engineering fee of 47.1 billion won from Mitsubishi Tanabe in return for allowing the Japanese company to gain in-Japan licenses for INVOSSA's clinical development and commercialization.
"Exporting our technology to Japan, a country well known for its strict quality control standards, means that INVOSSA could become a globally recognized item," Kolon Life Science head Lee Woo-suk told reporters.
INVOSSA is the world-first gene-therapy for degenerative arthritis, waiting for a product license from the South's Ministry of Food and Drug Safety. Kolon said that a single shot of INVOSSA can relieve the pains of arthritis patients.
Aju News Park Sae-jin = email@example.com
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