Sanofi, Hanmi Form $4.2 Billion Diabetes Pact
Sanofi and Hanmi Pharmaceutical Co., Ltd., a Korea-based pharmaceutical company, have formed a worldwide license agreement valued up to EUR 3.9 billion ($4.2 billion) to develop a portfolio of experimental, long-acting diabetes treatments.
Under the agreement, Hanmi will receive an upfront payment of EUR 400 million ($435 million) and is eligible for up to EUR 3.5 billion ($3.8 billion) in development, registration, and sales milestones, as well as double-digit royalties on net sales. Sanofi will obtain an exclusive worldwide license to develop and commercialize the following: (1) efpeglenatide, a late-stage long-acting glucagon-like peptide-1 receptor agonists (GLP1-RA); (2) a weekly insulin, and (3.) a fixed-dosed weekly GLP-1-RA/insulin drug combination. Collectively, these therapeutic offerings are known as the “Quantum Project” using Hanmi’s proprietary Long Acting Protein / Peptide Discovery Platform (LAPSCOVERY) technology. Hanmi will retain an exclusive option to co-commercialize the products in Korea and China.
The Quantum Portfolio is based on Hanmi’s proprietary LAPSCOVERY (Long Acting Protein/Peptide Discovery) Technology, which is a platform technology that prolongs the duration of action of biologics. The objective is to minimize the frequency of treatment and the dose required, thereby potentially lowering the adverse event rates and optimizing efficacy, according to Hamni.
The agreement is subject to customary closing conditions, including review under the Hart-Scott-Rodino Antitrust Improvements Act.