Source: Press release by Inmagene Biopharmaceuticals

Inmagene Biopharmaceuticals (“Inmagene”) and TWi Biotechnology, Inc. ("TWIB") today announce a strategic partnership to co-develop TWIB’s AC-1101 for the potential treatment of multiple dermatological diseases. AC-1101 is a novel topical drug candidate targeting Janus Kinases (“JAK”).

Under the terms of the partnership, TWIB has granted Inmagene the co-development rights to conduct a global phase Ib study with AC-1101 in one selected dermatology indication. Subject to predefined conditions, Inmagene will have the exclusive right to further develop, manufacture and commercialize AC-1101 in mainland China and South Korea. Inmagene also has the option to expand the territory to worldwide (excluding Taiwan) when certain pre-agreed conditions are met. TWIB will be entitled to receive up to US$ 126million in milestone-based payments and up to US$ 295 million in sales milestones, as well as up to double-digit royalties upon commercialization.

Jessica Wu, Chairman of TWIB, said, "This partnership will enable Inmagene and TWIB to investigate the immunological disease applications of AC-1101 together. We believe that AC-1101 has large potentials in multiple dermatological immunological diseases.  We are pleased to pursue these opportunities by partnering with Inmagene, which has a world-class clinical development team."

“Enabling Inmagene to rapidly expand in dermatology therapeutic area, AC-1101 is an excellent addition to Inmagene’s pipeline,” added Jonathan Wang, Inmagene’s Chairman and CEO. “Leveraging Inmagene’s global drug development resources, we will fully explore the drug candidate’s potentials for treating patients worldwide.  We are pleased to form the partnership with TWIB, a highly innovative company."