Daewoong Pharmaceutical's new drug candidate, 'DWP213388,' for the treatment of autoimmune diseases is set to return after a year and a half. DWP213388, a new drug candidate developed as the First-in-Class, has entered the Phase 1 clinical trial.

According to the Financial Supervisory Service (FSS) on November 16, Daewoong Pharmaceutical announced the U.S.-based biotech company Vitalli Bio has notified of out-licensing agreement termination for DWP213388, a treatment for autoimmune diseases. Both companies will undergo 60 days of negotiation and finalize the contract termination. Daewoong's upfront payment amounting to US$1.1 million is non-refundable.

Daewoong Pharmaceutical had signed