- Avacta group said it had agreed to establish a joint venture in South Korea with Daewoong Pharmaceutical to develop the 'next generation' of cell and gene therapies.

Under the agreement, Avacta would develop Affimer proteins against several undisclosed targets which would be transferred to the joint venture to be incorporated into Mesenchymal stem cells (MSCs) - promising agents for the treatment of autoimmune and inflammatory diseases.

Daewoong would provide the joint venture with access to its proprietary technology for generating allogeneic MSCs from a single donor to treat a large number of patients.

Avacta's research and development costs would be fully covered by the joint venture, funded by Daewoong.

Avacta had a 45% stake in the joint venture.

At 9:31am: [LON:AVCT] Avacta Group PLC share price was +1.35p at 18.85p

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