LG Chem revises licensing deal with US firm for obesity drug
LG Chem, Korea's leading chemical company, said Tuesday it has amended an exclusive license agreement with the U.S.-based Rhythm Pharmaceuticals for the development and commercialization of an obesity treatment. The amendment covers Bivamelagon, an investigational oral small-molecule melanocortin-4 receptor (MC4R) agonist, increasing the total contract value from $305 million to $855 million, the…
Korea's premier chemical firm, LG Chem, announced on Tuesday that it has revised its exclusive license agreement with U.S.-based Rhythm Pharmaceuticals for the development and marketing of an obesity treatment drug. This amendment sees the total contract value rising from $305 million to $855 million, as reported in a press release from LG Chem. The company has already paid Rhythm $100 million, with further upfront payments totaling $350 million planned through 2029.
Dr. David Meeker, CEO of Rhythm Pharmaceuticals, expressed his company's confidence in the potential of the drug, Bivamelagon, through a separate press release. Bivamelagon is an oral small-molecule melanocortin-4 receptor (MC4R) agonist that has demonstrated significant effects in patients with hyperphagia and severe obesity caused by rare MC4R pathway diseases.
Meeker emphasized that their dedication to this program underscores their belief in Bivamelagon's capacity to provide substantial benefits for patients and generate considerable long-term value for shareholders.
LG Chem's focus is on expediting patient access to this groundbreaking treatment for rare obesity-related conditions.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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