Bukwang Pharmaceutical announced that it owns a 5.4 percent stake in AurKa Pharma, Inc., which company signed contract with Eli Lilly on May 14.
As a result, Bukwang Pharm is expected to receive about 6 billion won for the upfront and 27 billion won for milestones, in total of 33bn won for return. The revenues came from Eli Lilly's acquisition of AurKa Pharma at a total of US $ 575 million, including upfront US $ 110 million.
Bukwang Pharmaceutical has continuously invested in potential bioventures as part of company’s new drug development strategy. Currently, Bukwang holds 13 promising bio ventures in both USA and Europe as a TVM investment portfolio. In separate with TVM investment, the company also owns a 7.3% stake in ACER Therapeutics, a bioventure listed on the Nasdaq.
Company representative said, "Bukwang Pharm is not only a co-development, licensee, but also a stake investor. We are pursuing a cost-effective development strategy in the early stages of overseas bio-venture start-up and continuing finding business opportunity in oversea."