FutureChem Enters Term Sheet Agreement with HTA for an Exclusive Option to Develop and Commercialize FC705 in China
- Date2023/04/27 09:08
- Hit 3,000
FutureChem Co., Ltd. (“FutureChem”), a leading Korean radiopharmaceutical company, announced today that has entered into a term sheet agreement with HTA, top-tier Chinese radiopharmaceutical company, for an exclusive option to develop and commercialize FC705 in China. Previously, Parties have entered into TECHNOLOGY CO-DEVELOPMENT AGREEMENT for F-18 labeled FC303, a PET radiopharmaceutical for the diagnosis of prostate cancer, and now they extended the collaboration scope to prostate cancer therapy.
Lu-177 labeled FC705 is a prostate cancer therapy currently in phase 2 trials that targets and binds to prostate-specific membrane antigen (PSMA), and delivers a cell-killing dose of radioactive lutetium-177.
FC705 also contains an albumin-binding motif, which promotes uptake by prostate cancer cells as well as rapid excretion from normal organs.
Per the term sheet, subject to the execution of the definitive license agreement in the second half of 2023, HTA has obtained an exclusive option agreement for the acquisition of Chinese rights to this novel prostate cancer therapy. The term sheet defines that HTA will provide FutureChem with an upfront payment of USD 9MM, series of development milestones as well as tiered royalties with maximum royalty rate of 18%, for a total sum of up to double digits in USD millions, without royalties.
Dae Yoon Chi, PhD., CEO of FutureChem added “We believe HTA has the right resources and development expertise that will enable the Lu-177 labeled FC705 to successfully enter the next stages of clinical development and ideally commercialization in China to optimize the opportunity for treating patients across prostate cancer, and also building value for our shareholders."
“As the leading enterprise of the radiopharmaceuticals in China, HTA has always adhered to the cooperative concept of sharing risks and benefits. More openness and confidence are the biggest changes for HTA to carry out the mission of a community with a shared future for mankind. We believe that the development of FC705 in collaboration with FutureChem will provide better treatment options for patients with prostate cancer in China. It will open a new chapter for the Chinese and even global radiopharmaceutical market base on the powerful combination once again between HTA and FutureChem!” said Zhao Jing, CEO of HTA.
About FutureChem Co., Ltd
FutureChem was founded in 1999 and is headquartered in Seoul, South Korea. The company offers to R&D, production and distribution of innovative radiopharmaceuticals for diagnosing cancers, and Parkinson’s and Alzheimer's diseases as well as treating cancers; and automation modules and disposable goods, such as disposable cassettes, reagent kits, and radio-caps. It also provides peptide-based radiopharmaceuticals for radio-metal chelation and click reaction; linkers for bio-conjugation using copper-free/mediated click reaction; fluorinated compounds; and custom synthesis services including Good Manufacturing Practice (GMP)-produced drugs for clinical trials, as well as develops and produces PET and single photon emission computed tomography (SPECT) precursors and chemicals for radiopharmaceuticals.
About HTA
HTA Co., Ltd. (hereinafter referred to as “HTA”) is an affiliate of China National Nuclear Corporation and a subsidiary of China Isotope and Radiation Corporation.
HTA commits itself to the industrialization of nuclear technology application. It is mainly engaged in the R&D, production, sales and service of nuclear technology application products. HTA has successfully passed the qualification certificates such as GMP, QES, etc. Its products cover multiple fields including radiopharmaceuticals, radioactive sources, radioactive medical devices, radiolabeled compounds, radioactive tracers, and nuclear medicine services.
HTA practices “Responsibility, Security, Innovation, Synergy” core values. With the mission of “strengthening nuclear industry to build a strong country and benefit the mankind”, and vision of “to become the leading player in the development of international nuclear science and technology”, HTA will constantly reform and innovate, enhance the core competitiveness, and work tirelessly to strengthen, optimize and expand the radiopharmaceutical industry.
Lu-177 labeled FC705 is a prostate cancer therapy currently in phase 2 trials that targets and binds to prostate-specific membrane antigen (PSMA), and delivers a cell-killing dose of radioactive lutetium-177.
FC705 also contains an albumin-binding motif, which promotes uptake by prostate cancer cells as well as rapid excretion from normal organs.
Per the term sheet, subject to the execution of the definitive license agreement in the second half of 2023, HTA has obtained an exclusive option agreement for the acquisition of Chinese rights to this novel prostate cancer therapy. The term sheet defines that HTA will provide FutureChem with an upfront payment of USD 9MM, series of development milestones as well as tiered royalties with maximum royalty rate of 18%, for a total sum of up to double digits in USD millions, without royalties.
Dae Yoon Chi, PhD., CEO of FutureChem added “We believe HTA has the right resources and development expertise that will enable the Lu-177 labeled FC705 to successfully enter the next stages of clinical development and ideally commercialization in China to optimize the opportunity for treating patients across prostate cancer, and also building value for our shareholders."
“As the leading enterprise of the radiopharmaceuticals in China, HTA has always adhered to the cooperative concept of sharing risks and benefits. More openness and confidence are the biggest changes for HTA to carry out the mission of a community with a shared future for mankind. We believe that the development of FC705 in collaboration with FutureChem will provide better treatment options for patients with prostate cancer in China. It will open a new chapter for the Chinese and even global radiopharmaceutical market base on the powerful combination once again between HTA and FutureChem!” said Zhao Jing, CEO of HTA.
About FutureChem Co., Ltd
FutureChem was founded in 1999 and is headquartered in Seoul, South Korea. The company offers to R&D, production and distribution of innovative radiopharmaceuticals for diagnosing cancers, and Parkinson’s and Alzheimer's diseases as well as treating cancers; and automation modules and disposable goods, such as disposable cassettes, reagent kits, and radio-caps. It also provides peptide-based radiopharmaceuticals for radio-metal chelation and click reaction; linkers for bio-conjugation using copper-free/mediated click reaction; fluorinated compounds; and custom synthesis services including Good Manufacturing Practice (GMP)-produced drugs for clinical trials, as well as develops and produces PET and single photon emission computed tomography (SPECT) precursors and chemicals for radiopharmaceuticals.
About HTA
HTA Co., Ltd. (hereinafter referred to as “HTA”) is an affiliate of China National Nuclear Corporation and a subsidiary of China Isotope and Radiation Corporation.
HTA commits itself to the industrialization of nuclear technology application. It is mainly engaged in the R&D, production, sales and service of nuclear technology application products. HTA has successfully passed the qualification certificates such as GMP, QES, etc. Its products cover multiple fields including radiopharmaceuticals, radioactive sources, radioactive medical devices, radiolabeled compounds, radioactive tracers, and nuclear medicine services.
HTA practices “Responsibility, Security, Innovation, Synergy” core values. With the mission of “strengthening nuclear industry to build a strong country and benefit the mankind”, and vision of “to become the leading player in the development of international nuclear science and technology”, HTA will constantly reform and innovate, enhance the core competitiveness, and work tirelessly to strengthen, optimize and expand the radiopharmaceutical industry.