RedHill, Kukbo Ink Oral Opaganib Licensing Pact For COVID-19 In South Korea - Redhill Biopharma (NASDAQ:RDHL)

RedHill Biopharma Ltd RDHL has entered into an exclusive license agreement with Kukbo Co Ltd for oral opaganib to treat COVID-19 in South Korea.
Under the terms of the license agreement, which follows the previously announced strategic investment by Kukbo, RedHill will receive an upfront payment of $1.5 million.
Redhill is eligible for up to $5.6 million in milestone payments and low double-digit royalties on net sales of oral opaganib in South Korea.
Kukbo will receive the exclusive rights to commercialize opaganib in South Korea for COVID-19.
Related: RedHill Biopharma's Upamostat Shows 100% Efficacy In Non-Hospitalized COVID-19 Patients.
"Every day this month, we are seeing an average of almost 2000 people hospitalized due to COVID-19 in South Korea, and we desperately need medications that can effectively treat these patients," said Hyun Ha, Kukbo's CEO."
The partnership with Kukbo also includes a right of the first offer for RedHill's opaganib, RHB-107 (upamostat), and Talicia for one or more of the territories of South Korea, Japan, Indonesia, Vietnam, Thailand and/or Malaysia, extended until the end of October 2022.
Price Action: RDHL shares are down 1.20% at $1.65 during the market session on the last check Tuesday.