Hutchmed announces closing of fruquintinib license to Takeda

HUTCHMED (HCM) announces that, further to its announcement on January 23, 2023 and following the completion of customary closing conditions including antitrust regulatory reviews, the exclusive license agreement with a subsidiary of Takeda Pharmaceutical (TAK) to further the global development, commercialization and manufacture of fruquintinib outside China has closed. Takeda is now 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. Following the closing of the exclusive license agreement, HUTCHMED will receive $400M shortly, and is eligible to receive up to $730M in additional potential payments relating to regulatory, development and commercial sales milestones, as well as royalties on net sales. Marketing authorization submissions in the U.S., Europe and Japan are planned to complete in 2023, with the rolling submission to the U.S. Food and Drug Administration initiated in December 2022.