TG Therapeutics announces licensing agreement with Ildong

TG Therapeutics and Ildong Pharmaceutical Co have inked a licensing agreement for the development and commercialisation of ublituximab

US biopharmaceutical company TG Therapeutics has entered into an exclusive licensing agreement with Ildong Pharmaceutical Co, a Korean company focused on pharmaceutical and over-the-counter products.

TG Therapeutics will receive an upfront payment of $2 million, along with milestone and royalty payments, in exchange for exclusive rights to develop and commercialise novel anti-CD20 antibody ublituximab (TGTX-1101) in South Korea and south-east Asia.

Ublituximab is currently being developed by TG Therapeutics for the treatment of haematologic malignancies and B-cell related disorders.

At present, it is being evaluated in a phase-I/II trial involving patients with relapsed or refractory non-Hodgkin's lymphoma.

Michael Weiss, chairman and interim chief executive officer of TG Therapeutics, described ublituximab as a "promising treatment".

He said: "We are excited to work with the experienced team at Ildong to expand the scope of development for ublituximab."

Jung-Chi Lee, Ildong's chairman & chief executive officer, claimed that ublituximab would strengthen the company's presence in the fields of oncology and autoimmune disease.

He added that the company "look forward to working with TG Therapeutics in developing ublituximab in South Korea and south-east Asia".