LG Chem and Avacta partner to develop undisclosed targets

Avacta Group plc (AIM:AVCT) granted LG Chem Ltd. (KRX:051910) exclusive, global rights to develop Affimer candidates against multiple undisclosed targets to treat inflammatory disorders and cancer. Avacta may receive up to $180 million in up front and milestone payments, plus an additional $130 million in option fees and milestones should LG Chem exercise an option to license additional targets. LG Chem will cover Avacta's R&D costs.

Avacta is responsible for early stage optimization of Affimer drug candidates. LG Chem will be responsible for development and global commercialization...