Novartis submits clinical IND to U.S. FDA
[by Yu, Suin] Chong Kun Dang Pharmaceutical (hereinafter referred to as Chong Kun Dang) announced on May 22 that it will receive a milestone payment of USD 5 million (approximately KRW 6.9 billion) for its Charcot-Marie-Tooth Disease (CMT) treatment candidate, ‘CKD-510 (development code)’, following a key development milestone under its technology transfer agreement with multinational pharmaceutical company Novartis. This payment represents approximately 0.8% of Chong Kun Dang’s equity capital (KRW 896.4 billion) as of the end of the previous fiscal year.
The milestone was triggered by Novartis’ submission of the first clinical trial plan (IND) for CKD-510 to the U.S. Food and Drug Administration (FDA). In accordance with the contractual terms, 무료 바카라 게임 Kun Dang is expected to receive the milestone payment following the issuance and receipt of the corresponding invoice by Novartis. “Any future modifications to the core contractual terms or matters subject to disclosure obligations will be promptly communicated without delay,” the company said.
Previously, in 2023, 무료 바카라 게임 Kun Dang entered into a technology transfer agreement with Novartis for CKD-510. The deal included a non-refundable upfront payment of USD 80 million (approximately KRW 110 billion), with additional milestone payments (stage-by-stage technology fee), tied to successive stages of development and regulatory approval, totaling up to USD 1.225 billion.