Cellectar Biosciences and LegoChemBio, a clinical-stage biotechnology company in South Korea, have entered a development and commercialization collaboration, the company announced today.

According to a release, the two companies have the option to jointly develop three new small molecule phospholipid drug conjugates (PDCs) using Cellectar’s proprietary drug targeting platform and LevoChemBio’s proprietary drug conjugate linker-toxin platform.

“This partnership reflects the shared commitment of LegoChemBio and Cellectar to rapidly provide novel targeted therapies to patients with difficult to treat cancers,” Cellectar Biosciences CEO James Caruso said in a statement. “This collaboration has potential to further enrich our oncology pipeline and builds upon our strategy of developing our PDC platform across a multitude of targeted cancer treatment modalities.”

Financial terms of the agreement were not disclosed.