South Korean Drug Maker Hanmi Pharmaceutical Lands W850 Billion License Deal

kpopluv, July 28, 2015, 9:58 a.m.

South Korean drug maker Hanmi Pharmaceutical Co. said Tuesday it has signed an 850 billion won (US$728.8 billion) license agreement with German pharmaceutical giant Boehringer Ingelheim to jointly develop and commercialize a lung cancer treatment. The two companies agreed to jointly develop and sell HM61713, a novel third generation EGFR-targeted therapy for the treatment of lung cancer with the specific gene mutation.

The exclusive deal is effective outside South Korea, China and Hong Kong, the Korean firm said. Under the agreement, Hanmi will receive an initial payment of $50 million and is entitled to potential milestone payments of $680 million, plus double-digit royalties on future net sales. The compound is currently in Phase II clinical development for patients, while preparations for a broader Phase III trial program will begin next year. The agreement is subject to clearance by U.S. authorities for the American market, the German company said in a release.

Share of Hanmi Pharm jumped 6.03 percent on the Seoul bourse on Tuesday, while the benchmark index KOSPI ticked up 0.01 percent. The Korean company made the announcement after the market closed.

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