Novel Oral RAF Inhibitor
South Korea's leading drugmaker Hanmi Pharmaceutical Co. announced on September 29 that it has entered into an exclusive development and license agreement with Genentech, a subsidiary of the Roche Group, for the development and commercialization of Hanmi’s pan-RAF inhibitor, HM95573 which is currently in Phase I clinical development.
Under the terms of the agreement, Genentech will obtain exclusive worldwide rights, excluding South Korea, to develop and commercialize HM95573.
Hanmi Pharmaceutical will receive an initial upfront payment of US$80 million (88.04 billion won) and is eligible to receive another US$830 million (913.42 billion won) in stages based on the achievement of certain predetermined development, regulatory and commercialization milestones. In addition, it will receive further double digit royalties on sales of certain products resulting from the license agreement. Full financial terms have not been disclosed.
Dr. Gwan Sun Lee, CEO of Hanmi Pharmaceutical, said, “We are excited about the potential this license agreement with Genentech will bring to the development of HM95573 and the potential benefit this may offer to cancer patients worldwide.”
James Sabry, M.D., Senior Vice President and Global Head of Genentech Partnering, said, “We are excited to partner with Hanmi and leverage its scientific insights to develop novel therapies that target the pathway of the mitogen activated protein kinases (MAP Kinase).”
The completion of this agreement is subject to U.S. customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act, which is expected to occur during the fourth quarter of 2016.