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Mitsubishi Tanabe to cancel licensing agreement with Kolon Life Science

Mitsubishi Tanabe Pharma Corp. is looking to cancel a licensing agreement signed with Kolon Life Science Inc.

Mitsubishi Tanabe had been planning to acquire exclusive development and commercialization of Kolon's cell therapy Invossa, used for the treatment of knee osteoarthritis. Kolon would have received an upfront payment of ¥2.5 billion with future development and milestone payments and royalties on future sales.

Mitsubishi Tanabe has started negotiations with the Korea-based Kolon for the cancellation of the agreement and will provide the financial impact of the decision at a later date.

As of Dec. 19, US$1 was equivalent to ¥112.98.