Genentech, Hanmi Form Cancer-Drug Pact Worth Over $910 MillionBy
Genentech, a Roche Group company, has signed an exclusive development and license agreement with Hanmi Pharmaceutical, a Seoul, South Korea-based pharmaceutical company, to develop and commercialize Hanmi’s pan-RAF inhibitor, HM95573, currently in Phase I clinical development for treating solid tumors.
Under the agreement, Genentech will obtain exclusive worldwide rights, except in South Korea, to develop and commercialize HM95573. Hanmi will receive an initial upfront payment of $80 million and is eligible to receive payments based on achievement of certain predetermined development, regulatory, and commercialization milestones totaling up to $830 million. In addition, Hanmi is eligible to receive tiered double-digit royalties on sales of certain products resulting from the license agreement. Full financial terms were not disclosed.
The completion of this agreement is subject to US customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act, which is expected to occur during the fourth quarter of 2016.
Source: Hanmi Pharmaceutical