Aquavit Pharmaceuticals, a multi-specialty healthcare company of New York, and Green Cross, a South Korean biotechnology company, signed a Memorandum of Understanding (MOU) towards establishing their strategic collaboration surrounding the development and commercialization of Aquavit's IBX-001 in Asia.
The MOU includes the framework for the pair’s collaboration, in which Green Cross will support the product development, registration, manufacturing and receive an exclusive license to commercialize Aquavit's upcoming product IBX-001 in Korea.
"'We are very pleased to collaborate with Green Cross, a reputable company with solid presence in Asia-Pacific. We aim to be a global leader with our innovative personalized treatments through strategic partnerships," said Sobin Chang, CEO of Aquavit.
The MOU further outlines potential partnerships for other product development and commercialization.