Hutchmed (HCM) announced that its subsidiary, Hutchmed Limited, has entered into an exclusive license agreement with a subsidiary of Takeda Pharmaceutical (TAK) to further the global development, commercialization and manufacturing of fruquintinib outside of mainland China, Hong Kong and Macau, where it is marketed by Hutchmed. Hutchmed Limited will receive up to $1.13B including $400 million upfront on closing as well as potential regulatory, development and commercial sales milestone payments, plus royalties on net sales. Fruquintinib is a highly selective and potent inhibitor of vascular endothelial growth factor receptors -1, -2 and -3. Fruquintinib is orally administered and has the potential to be used across subtypes of metastatic colorectal cancer, regardless of biomarker status.
Published first on TheFly
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