From L-R: Lim In-Taek, head of health and medical policy at the Ministry of Health and Welfare; Daewoong Pharmaceutical CEO Jeon Sengho; Aditum Bio co-founder Mark Fishman; and Cha Soon-do, president of the Korea Health Industry Development Institute

Com­pa­ny found­ed by ex-No­var­tis ex­ecs inks $477M in-li­cense deal

Adi­tum Bio, the biotech fund launched by two for­mer No­var­tis ex­ecs, an­nounced that it formed a new com­pa­ny fo­cused on de­vel­op­ing treat­ments for im­muno­log­i­cal dis­or­ders, in­clud­ing an ear­ly-stage ther­a­py it’s li­cens­ing from Dae­woong Phar­ma­ceu­ti­cal.

Ac­cord­ing to Dae­woong’s cor­re­spond­ing an­nounce­ment Thurs­day night, Vi­tal­li Bio plans to make an up­front pay­ment of $10 mil­lion to the South Ko­re­an drug­mak­er for ex­clu­sive de­vel­op­ment and com­mer­cial­iza­tion rights to au­toim­mune dis­ease drug can­di­date DWP213388, a BTK and ITK-tar­get­ing can­di­date that re­ceived IND clear­ance from the FDA last Au­gust.

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