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(Alliance News) - Hutchmed China Ltd on Tuesday said it closed a license agreement with a subsidiary of Tokyo-based drug maker Takeda Pharmaceutical Co Ltd for fruquintinib.
Hutchmed China shares were up 6.2% to 236.38 pence each in London on Tuesday afternoon. Takeda Pharmaceutical share closed 0.3% lower at JPY4,280.00 each on Tuesday in Tokyo.
Hutchmed China is a Hong Kong-based treatments of cancer and immunological diseases.
Hutchmed said it will receive USD400 million under the agreement, and will receive up to USD730 million in additional payments, based on the performance of fruquintinib. It added that it expects marketing authorisation submissions in the US, Europe and Japan to complete in 2023, with the rolling submission to the US Food & Drug Administration started in December last year.
Under the agreement, Takeda is "responsible for the development, commercialization and manufacture of fruquintinib in all included territories worldwide excluding mainland China, Hong Kong and Macau, where it is marketed by Hutchmed."
Fruquintinib is an inhibitor of vascular endothelial growth factor receptors and had 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.
By Tom Budszus, Alliance News reporter
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