Cha Biotech sells eye-cell technology to Japan's Astellas for $32 mn
Ji-Hyun Lee
Mar 03, 2023 (Gmt+09:00)
Cha Biotech, a South Korean biotechnology company, said on Thursday that it agreed to sell its technology for developing eye-cell therapies to Astellas Regenerative Medicine Center, a US-based unit of Japan’s Astellas Pharma Inc., for $32 million.
The deal involves the transfer of Cha Biotech’s retinal pigment epithelial (RPE) cells and embryonic cell technologies, which are used to treat diseases that cause blindness, such as age-related macular degeneration.
Under the terms of the agreement, the Korean company will receive an upfront payment of $15 million and up to $17 million in milestone payments based on the progress of the development and commercialization of the eye-cell products.
As a result of the transaction, Cha Biotech said it will end its ongoing clinical trial of retinal pigment epithelial cell therapy for dry age-related macular degeneration in Korea. The company had been conducting the trial since 2012 after obtaining approval from the Korean Food and Drug Administration.