Bird & Bird advises Mirae Asset Capital, Celltrion and Premier Partners on Iksuda Therapeutics USD 47 million Series A financing

Bird & Bird advises Mirae Asset Capital, Celltrion and Premier Partners on Iksuda Therapeutics USD 47 million Series A financing

International law firm Bird & Bird has advised Korean-based Mirae Asset Capital, Celltrion and Premier Partners on Iksuda Therapeutics Limited’s (Iksuda) USD 47 million Series A financing (circa GBP 34 million).

Iksuda is the developer of a new generation of antibody drug conjugates (ADCs) with raised therapeutic index. The funding will support the advancement of Iksuda’s lead ADC assets and expansion of its payload and conjugation platform technologies.  Iksuda’s lead pre-clinical candidate, IKS03, is a best-in-class CD19-targeted ADC candidate for B-cell cancers. The investment will enable progression of IKS03 to first-in-human phase 1 clinical trials. It will also be used to accelerate Iksuda’s earlier-stage programmes including IKS04 and IKS012 to IND filing.

The Bird & Bird team which advised on the Series A financing was led by partner James Baillieu and associate Richie Lamb (Corporate). The team was supported by partner Sally Shorthose (IP and life sciences regulatory) and legal director Simon Gough (Tax) as well as associates Katie Tyndall (IP), Pieter Erasmus (life sciences regulatory) and Andrew Rink (Tax).

Ji Kwang Chung, Investor at Mirae Asset Capital comments: “We are delighted to lead this investment round, and to contribute to enabling the Iksuda team to progress its very promising pipeline of ADC candidates. It was a real pleasure to work with the Bird & Bird team. Their experience advising on venture capital financings in the life sciences sector and their dedication to get the deal done was key to the success of the deal.”

Woosung, Kee, CEO at Celltrion Inc. adds: “By pursuing tumours that are resistant to current treatment approaches, Iksuda is extending the boundaries of ADC technology, and consequently the treatment options for patients. This ideally complements Celltrion’s drive to pioneer uncharted areas of innovative therapies, incorporating unique and successful next-generational approaches that promote health and welfare globally. We have been very impressed with Iksuda’s progress to date and look forward to working together to support their mission.”

James Baillieu, Corporate partner at Bird & Bird says: “We were thrilled to have successfully supported Mirae Asset Capital, Celltrion and Premier Partners on their investment in Iksuda Therapeutics. Our renowned expertise in the life sciences sector, particularly on venture capital, intellectual property and life sciences regulatory matters, meant we were extremely well placed to advise on the deal. We wish the team at Iksuda every success in advancing their lead ADC assets and pre-clinical candidates.”

About Celltrion, Inc.

Headquartered in Incheon, Korea, Celltrion is a leading biopharmaceutical company, specializing in research, development and manufacturing of biosimilar and innovative drugs. Celltrion strives to provide more affordable biosimilar mAbs to patients who previously had limited access to advanced therapeutics. Celltrion received FDA and EC approval for Inflectra® and Remsima®, respectively, which is the world’s first mAb biosimilar to receive approval from a regulatory agency in a developed country. Also, Celltrion received FDA and EC approval for Truxima® and Herzuma®. Its products are manufactured at state-of-the-art mammalian cell culture facilities, designed and built to comply with the US FDA cGMP and the EU GMP guidelines. Beyond antibody biosimilars, Celltrion is actively engaged in licensing in/out through strategic partnerships with the industry, academia, and research centres to expand its pipelines. Through these partnerships, Celltrion plans to boost the effectiveness of new drug R&D projects and revitalize the bio ecosystems in and outside of Korea.

About Mirae Asset Financial Group

Mirae Asset is a leading global diversified financial services firm operating out of 30 offices across the Americas, Asia, Europe and the Pacific. Founded in 1997, the company manages over $554bn in investor capital across its asset management, investment banking, life insurance and venture capital businesses. Since its founding, the firm has focused on investing in innovative and breakthrough ideas and teams across all sectors.