Pinotbio to get first milestone payment from Celltrion

(Pinotbio)

Pinotbio Inc., a South Korean developer of antibody-drug conjugates (ADC), announced on Tuesday that it will earn its first milestone payment from Celltrion Inc. for the commercialization of its ADC platform.

The two companies signed a 1.7 trillion won ($1.2 billion) licensing agreement in October 2022.

Under the deal, Celltrion has the right to develop and commercialize ADC therapeutics targeting up to 15 different areas using PINOT-ADC, Pinotbio’s proprietary ADC platform.

Celltrion is now working on the development of solid tumor therapies.

The milestone payment follows Celltrion’s decision to advance research and development on two candidate therapies.

The payment amount has not been disclosed.