Japan's Takeda Pharmaceutical Co. Ltd. (TKPHF.PK,TAK) announced Monday that it has entered into an exclusive licensing agreement with HUTCHMED (China) Limited (HCM) for Fruquintinib, a Highly Selective, Oral VEGFR1/2/3 Tyrosine Kinase Inhibitor.
Under the deal terms, Takeda will receive an exclusive worldwide license to develop and commercialize fruquintinib in all indications and territories outside of mainland China, Hong Kong and Macau.
Subject to the terms of the agreement, Takeda will pay HUTCHMED $400 million upfront, up to $730 million in additional potential payments relating to regulatory, development and commercial sales milestones, as well as royalties on net sales.
The deal is subject to customary closing conditions, including completion of antitrust reviews.
Fruquintinib, which was approved in China in 2018, is a highly selective and potent inhibitor of vascular endothelial growth factor receptors or VEGFR -1, 2 and 3.
Fruquintinib is orally administered and has the potential to be used across subtypes of refractory metastatic colorectal cancer or CRC, regardless of biomarker status.
The U.S. Food and Drug Administration granted Fast Track designation for the development of fruquintinib to treat patients with metastatic CRC in 2020. In December 2022, HUTCHMED initiated a rolling submission of a New Drug Application for fruquintinib with the FDA, which is planned to be completed in the first half of 2023.
Teresa Bitetti, President of the Global Oncology Business Unit at Takeda, said, "Fruquintinib has the potential to change the treatment landscape for patients with refractory metastatic CRC who are in need of additional treatment options. We look forward to utilizing our development and commercial capabilities to expand the potential of this innovative medicine to patients beyond China."
In London, HUTCHMED shares were gaining around 6 percent to trade at 301.75 pence.
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