Hutchmed announces Inmagene licenses two drug candidates from the company

Hutchmed announced that, Inmagene Biopharmaceuticals has exercised options to license two drug candidates discovered by Hutchmed, IMG-007 and IMG-004 pursuant to the terms of the strategic partnership announced on January 11, 2021. Following the exercise of the options and subject to receipt by Hutchmed of ordinary shares representing approximately 7.5% of shares in Inmagene, Inmagene will be granted an exclusive license to further develop, manufacture and commercialize these two drug candidates worldwide.mAs part of the partnership, Hutchmed granted Inmagene exclusive options to multiple drug candidates solely for the treatment of immunological diseases. Since the execution of the option agreement, Inmagene has funded and led two of these candidates, IMG-004 and IMG-007, to clinical development. For each of the drug candidates, IMG-004 and IMG-007, Hutchmed is entitled to receive potential payments subject to the achievement of development milestones of up to $92.5M and subject to the achievement of commercial milestones of up to $135M, as well as royalties upon commercialization. In 2023, Inmagene initiated two global Phase IIa clinical trials in adults with moderate-to-severe atopic dermatitis and in adults with alopecia areata, with the investigational OX40 antagonistic monoclonal antibody IMG-007. It also completed a Phase I single ascending dose study of IMG-004, a reversible, non-covalent, highly selective oral BTK inhibitor designed to target immunological diseases.