Kwang Dong Pharmaceuticals will acquire 1% of Can-Fite at a 50% premium.
Drug developer Can-Fite BioPharma Ltd. (TASE:CFBI) today named the South Korean company with which it signed a term sheet last month. It is Kwangdong Pharmaceutical Co. Ltd. (KSX: 9290), which will pay $1.5 million for the license to develop and market Can-Fite's rheumatoid arthritis treatment CF101 in Korea. Kwang Dong will also pay royalties on sales in Korea.
Kwang Dong will also acquire 1% of Can-Fite at a 50% premium on its share price. Can-Fite did not cite a specific figure, but its share opened at NIS 66.80 today. The share rose 2% by midday.
Can-Fite chairwoman Pnina Fishman said, "This collaboration is proof of the strong chances that CF101 will succeed in treating rheumatoid arthritis."
Published by Globes [online], Israel business news - www.globes-online.com - on September 9, 2008
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