Panion & BF Biotech announced on the 31st that the company has signed a conversion and transfer agreement with Kyowa Hakko Kirin Korea Co., Ltd. (KKKR) and LG Chem (LGC). Through this agreement, Panion & BF Biotech’s new kidney disease drug, Nephoxil, will further enhance its market penetration in South Korea and explore new application opportunities.

Panion & BF Biotech explained that the company had previously granted KKKR exclusive marketing rights for Nephoxil in South Korea through a licensing agreement in February 2017, followed by a supply agreement signed in May 2023. On August 27, 2024, the company received a notification from KKKR informing that, due to organizational and business adjustments within its parent company for the Asia-Pacific region, the aforementioned agreements would be terminated.

In response, Panion & BF Biotech negotiated with KKKR and LGC, and LGC will continue the sales of Nephoxil in the South Korean market. The three parties will sign a conversion and transfer agreement (Assignment and Novation Agreement) to transfer all rights and obligations of KKKR under the 2017 and 2023 agreements to LGC.

Resource: 寶齡與韓國協和醱酵麒麟、樂金化學簽署轉換與轉讓協議