Olix Signs 443-Million Tech Export Contract With China's Jiangsu Hansoh

Olix Pharmaceutical said it has signed a licensing and cooperative agreement with China's Jiangsu Hansoh Pharmaceuticals Group to research and develop siRNA (small interfering ribonucleic acid) treatments.

Olix has signed a research collaboration and license option agreement with Jiangsu Hansoh Pharmaceuticals to develop treatments using siRNA technology.

Under the accord, the two companies plan to discover therapeutic substances for cardiovascular and metabolic diseases based on Olix's GalNAc-asiRNA platform technology and develop therapeutics using Hansoh's R&D, manufacturing, and commercialization capabilities.

Asymmetric small interfering RNA (asiRNA) independently developed by the company is a next-generation RNAi treatment technology based on efficient gene regulation technology, the company said. The asiRNA has the same gene suppression efficiency as conventional siRNA, while greatly reducing side effects such as the off-target effect of conventional siRNA.

Hansoh will have exclusive rights to developed treatments in the greater China region, and Olix will have rights in all other countries.

Olix will receive up to 530 billion won ($443 million) and royalties from Hansoh Pharmaceutical, including an upfront payment of about 7.7 billion won and milestones for each stage.

"We are very happy to have signed a technology transfer contract with Jiangsu Hansoh Pharmaceuticals, one of the largest pharmaceutical companies in China," Olix Pharmaceutical's CEO Lee Dong-ki said. "We could sign the contract based on our GalNAc-asiRNA platform technology. We believe we can prove the superiority of our platform technology, which has shown promise in various indications, through this contract."

The company will do its best to develop innovative new drugs based on the potential of Olix's technology and Hansoh's clinical trials and commercialization know-hows, Lee added.

Jiangsu Hansoh Pharmaceuticals CEO Aifeng Lyu also said, "We have great expectations about signing a contract with Olix, a leading company in the siRNA field that has entered the clinical stage based on RNA interference platform technology."

Lyu added that the Chinese company would strive to develop innovative treatments for diseases in high demand in China using Olix's GalNAc-asiRNA platform technology.