Ropes & Gray advised South Korean biotechnology company SK Biopharmaceuticals in a in a global licensing agreement with radiotherapy company Full-Life Technologies for exclusive worldwide clinical research, development, manufacturing and commercialization rights to Full-Life’s FL-091 radiopharmaceutical compound designed to deliver targeted radiation therapy to a certain receptor protein which is selectively overexpressed in various types of solid tumors, including colorectal cancer, prostate cancer, and pancreatic cancer.

The licensing deal is worth $571.5 million and includes an upfront payment, and development and commercial milestones, separate from royalties.

Under the agreement, SK Biopharmaceuticals will in-license the NTSR1-targeting Radionuclide Drug Conjugate (RDC) program FL-091 and its back-up compounds with the goal of developing and commercializing it as an innovative anti-cancer drug. SK Biopharmaceuticals also has a right of first negotiation to license other pre-selected RDC programs of Full-Life.

The Ropes & Gray team included IP transactions partner Geoffrey Lin, IP transactions counsel Georgina Jones Suzuki and IP transactions associate Derek Mubiru