ChongKunDang, led by CEO Young-Joo Kim, has announced a significant technology export agreement worth $1.35 billion with the global pharmaceutical giant Novartis for their promising new drug candidate, CKD-510.

This deal grants Novartis exclusive rights for the development and commercialization of CKD-510, a low-molecular-weight compound targeting histone deacetylase 6 (HDAC6) globally, excluding South Korea. ChongKunDang will receive an initial payment of $80 million and could potentially earn up to $1.225 billion through development and approval milestones, as well as sales royalties.

CKD-510 is a novel drug candidate developed by ChongKunDang, utilizing a highly selective Non-hydroxamic acid (NHA) platform technology as an HDAC6 inhibitor. The compound has demonstrated efficacy in various HDAC6-related conditions, including cardiovascular diseases, during preclinical studies. Phase 1 clinical trials conducted in Europe and the United States have confirmed its safety and tolerability.

ChongKunDang CEO Young-Joo Kim stated, "ChongKunDang has previously exported biosimilars for anemia treatment, Nesbell, and a novel diabetes drug, Duvie, to Japan and the United States, respectively. This agreement marks a significant milestone for ChongKunDang as it represents the largest-ever technology export in our company's history. It underscores our commitment to continuous investment in research and development, with over 12% of our annual revenue dedicated to innovative drug candidates. I am deeply appreciative of our dedicated researchers and proud to see one of our groundbreaking drugs exported to a multinational corporation."

Miyeop Lee, the Head of Product Development at ChongKunDang, expressed optimism, stating, "With Novartis's extensive expertise in drug development and commercialization, we anticipate that CKD-510 will evolve into a global blockbuster drug. ChongKunDang will leverage this agreement to expedite the clinical development of our core new drug candidates and deliver timely results."

In the future, ChongKunDang plans to leverage its in-house HDAC6 platform technology to develop a diverse range of therapeutic solutions for various medical conditions. The company is also advancing the development of novel drugs such as the dual-antibody anticancer bio-drug 'CKD-702,' currently in Phase 1 clinical trials, and 'CKD-508' for the treatment of dyslipidemia. Furthermore, they are expanding their focus on gene therapies and antibody-drug conjugates (ADCs) in the realm of novel drug development, with a commitment to addressing unmet needs within their product portfolio and pioneering first-in-class drugs.