Kolon Bounces Back From Failed Japan Invossa Deal With Bigger Mundipharma Alliance
Kolon Life Science has reached a sizable license deal with Mundipharma for the development in Japan of the South Korean company’s first-in-class cell and gene therapy for osteoarthritis of the knee, easing uncertainties after an agreement with Mitsubishi Tanabe for the product collapsed last year.
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Following its decision to maintain a stock listing for SillaJen earlier this month, the Korea Exchange has done the same for Kolon TissueGene, which had faced delisting but has resumed trading amid decisive moves to improve its business.
Korean firm Kolon terminates one Asia supply contract for Invossa, but appears hopeful it can maintain other remaining deals as it counts on resuming US clinical trials with the troubled gene therapy.
In a worst case scenario for the country’s first approved gene therapy, South Korea has cancelled the global-first approval of Kolon Life’s Invossa and asked prosecutors to press criminal charges against the company, which it concluded submitted false data to support approval. The major blow to the company comes as it is already facing lawsuits from patients and investors, and has prompted a broader regulatory overhaul for novel biologic therapies.