On April 30, 2020 Affibody AB ("Affibody"), a clinical stage biopharmaceutical company developing a pipeline of innovative drug projects, reported that its partner Daewoong, a South Korea-based pharmaceutical company, has exercised an option under the companies’ ongoing collaboration (Press release, Affibody, APR 30, 2020, View Source [SID1234575710]).

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"We are pleased to announce that our longtime partner Daewoong has decided to exercise their option to develop and commercialize an innovative new half-life extended biotherapeutics product" said David Bejker, CEO of Affibody. "We believe that the preclinical results generated by Daewoong support the innovative strengths of our technology".

"I am delighted to have established this collaboration with Affibody to develop long-acting basal insulin that harness the benefits of high affinity of fused insulin and albumin binding domain to increase duration of action and peak-less pharmacokinetic profile: " says Jongsang Ryu, Head of C&D Center at Daewoong. "We are very excited about the potential of this collaboration to develop long-acting diabetes treatments and about its considerable commercial value to Daewoong in the future."

Affibody will receive a license conversion fee and milestone payments as well as royalties. Further financial details were not disclosed.