Genentech will own exclusive rights to develop and commercialize HM95573 worldwide except for South Korea, and will pay US$80 million upfront and US$830 million in milestone payments. The full agreement has not been disclosed.
HM95573 is a second generation inhibitor of RAF kinase, a protein that is related to cancer, and is under phase 1 of clinical trials, for which the South Korean Ministry of Health and Welfare is funding 600 million won (US$545,843).
|Hanmi Pharmaceutical headquarters|
Hanmi Pharmaceutical is the country’s third-largest pharmaceutical company by sales volume, with 490.9 billion won turnover in the first half of 2016, and is the leader in research and development.
Genentech is a leading biopharmaceutical company with US$17.3 billion annual revenue from cancer and arthritis treating antibody Rituxan and breast cancer treatment Herceptin.
By Hwang You-mee (email@example.com)