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Hutchmed (China) Ltd announced on Tuesday it will shift focus towards its most advanced assets from its internal developed pipeline, following an evaluation of the business.
The biopharmaceutical company specialising in discovery and development of cancer and immunological disease treatments said the strategic pivot was to drive near-term value.
It said it would achieve this by prioritising late-stage studies to bring these assets through to regulatory approval. Selected early-stage studies will therefore not be prioritised for internal development.
Hutchmed said it was particularly focused on the global registration of fruquintinib, alongside seeking potential partnerships to commercialise its assets outside of China.
Head of Research & Development & Chief Medical Officer in China Michael Shi will now lead clinical development globally. Hutchmed also confirmed its chief medical officer for international Marek Kania will leave the company.
"The challenging market conditions affecting biopharmaceutical companies across the globe require companies to be disciplined in their approach and, like many other companies, we have decided to make adjustments now," said Weigo Su, chief executive officer & chief scientific officer at Hutchmed.
Shares in Hutchmed fell by 1.1% to 188.95 pence in London on Tuesday morning. They are down 59% over the past 12 months.
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