SK Biopharm signs $503 million deal to commercialize anti-epileptic drug in Japan

13 October 2020

SK Biopharmaceuticals, an affiliate of South Korean conglomerate SK Group, said Tuesday it has signed a deal with Japan's Ono Pharmaceutical (TYO: 4528) to develop and commercialize its anti-epileptic drug in Japan, potentially worth 53.1 billion yen ($503 million).

Under the deal, SK Biopharm will receive 5 billion yen ($47.4 million) as a down payment and will collect an additional 48.1 billion yen as a milestone payment after its cenobamate tablet earns health authorities' approval and becomes available in the Japanese market.

After commercialization, SK Biopharm can collect royalty fees from Ono Pharmaceutical equivalent to a double-digit percentage of the product's sales, according to the company. SK Biopharm retains an option right for co-promotion activities with Ono Pharma in Japan.

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