Voronoi and U.S. bio company METiS Therapeutic have signed a contract to license out (L/O) kinase inhibitor technology worth 668 billion won ($482 million).
In a public notice Wednesday, Voronoi said it had signed a technology transfer contract for phosphorylase inhibitors for oral use (kinase) for treating solid cancer, such as lung cancer, melanoma, and colorectal cancer, with the U.S. company.
METiS Therapeutic is an unlisted bio company founded in 2019. It recorded no sales last year.
The contract period is from the date of signing the contract to the time when METiS' obligation to pay Voronoi ends. The contract amount is $482.2 million, including $1.7 million in advance fees and milestones for reparation, maintenance, and research, and $408.5 million for milestones by the development stage.
Voronoi will also get royalties separately at an agreed rate based on net sales.
"Advance payments, maintenance, and research milestones, and milestones by each stage of development received under this agreement are not obliged to be returned,” Voronoi said in the public notice.
Meanwhile, Voronoi introduced a technology patent for the substance concerned from its subsidiary, Voronoi Bio, on Aug. 31 for the licensing out contract.
The content of the contract was the "introduction of isoxazolidine derivative compounds and three other technologies related to new drug candidates.” As a result, Voronoi has acquired a license for the technology.