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Business deals

LG Chem backs cancer drug search by Cue Biopharma

South Korean biotech company earmarks $400m for US immunotherapy specialist

LG Chem's deal with Cue Biopharma marks its first foray into cancer immunotherapy. (Photo courtesy LG Chem)

SEOUL -- LG Chem announced on Monday a partnership with American drugmaker Cue Biopharma under which the South Korean chemical and biotechnology company will provide up to $400 million in funding to develop cancer immunotherapy products.

LG Chem will make payments to the Massachusetts-based immunotherapy developer as three drug candidates hit development milestones. If the compounds -- currently in the preclinical development stage -- make it to market, LG Chem will sell them in Asia and pay a portion of the revenue to Cue. The deal also includes a $5 million equity investment in Nasdaq-listed Cue.

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