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Hutchmed (China) Ltd on Monday said it has signed an licensing agreement with Takeda Pharmaceutical Co Ltd for the Japanese company to commercialise Hutchmed’s key cancer drug outside China.
Hong Kong-based Hutchmed said Tokyo-based Takeda will have the exclusive right to develop, commercialise and manufacture fruquintinib outside of mainland China, Hong Kong and Macau, where it will continue to be marketed by Hutchmed.
Fruquintinib is an inhibitor of vascular endothelial growth factor receptors and achieved positive results from a trial in refractory metastatic colorectal cancer. CRC is the third most prevalent cancer worldwide, according to Hutchmed, associated with more than 935,000 deaths in 2020.
Hutchmed will receive $400 million upfront from Takeda on deal closure. It also will receive up to $730 million in potential milestone payments, as well as royalties on net sales.
It said marketing authorization submissions for fruquintinib in the US, Europe and Japan are expected to be completed this year.
‘For Hutchmed, this transaction is consistent with our strategic shift that we announced in November 2022 to accelerate our path to profitability,’ said Weiguo Su, chief executive officer & chief scientific officer.
‘We stated that we would focus on the innovative medicines in our pipeline such as fruquintinib and others that are most likely to generate near-term value, and that we would be uncompromising in our commitment to bringing our medicines to patients worldwide.’
Added Teresa Bitetti, president of the global oncology business unit at Takeda: ‘Fruquintinib has the potential to change the treatment landscape for patients with refractory metastatic CRC who are in need of additional treatment options.’
Hutchmed shares were up 6.2% at 303.10 pence in London early Monday. Takeda closed up 0.7% at JP¥4,199.00 in Tokyo.
By Tom Waite, Alliance News editor
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