Innovent Biologics and LG Chem Life Sciences (LG Chem) announced that the two parties have entered into a strategic collaboration and license agreement regarding LG Chem's Tigulixostat (LG R&D code: LC350189, Innovent R&D code: IBI350), a late-stage novel non-purine xanthine oxidase inhibitor ("XOI") for the chronic management of hyperuricemia in patients with gout disease. In Phase 2 study conducted in the United States (CLUE Study), Tigulixostat showed serum uric acid (sUA)-lowering effects across all dose levels, and achieved a treatment target of sUA<5mg/dL as the primary endpoint at month 3 with all dose groups when compared with placebo as well as with Febuxostat. LG Chem has initiated multi-regional global Phase 3 clinical trials for Tigulixostat in fourth quarter of 2022.

Under the terms of the agreement, Innovent will obtain an exclusive right to develop and commercialize Tigulixostat in China. LG Chem will receive totaling up to $95.5 million for the China rights including $10 million upfront payment, milestones, plus tiered royalties on net sales of product in China.