London: Wednesday, 19 August 2015: Hutchison China MediTech Limited (“Chi-Med”) (AIM: HCM) today announces that, Hutchison MediPharma Limited (“HMP”), its R&D subsidiary, has received notice from Janssen Pharmaceutical, Inc. (Janssen) of Janssen’s decision to terminate the Restated Research and Development Alliance Agreement dated 7 June 2010 (the “Agreement”) relating to HMPL-507 project.
The almost seven year alliance, which began in 2008, was amended in 2010 to refocus the target of the research on developing small molecule therapeutics against a specific novel molecular target in the area of inflammation/immunology. During this time, Janssen paid HMP an aggregate of approximately US$13 million in upfront and milestone payments and service fees and costs, which enabled both parties to generate substantial intellectual property, understanding and know-how relating to compounds in this designated area.
Janssen, at its sole discretion, has decided not to proceed with either HMPL-507 or any of the backup compounds developed under the Agreement.
The scientific view of HMP is that the specific molecular target represents a potential opportunity for targeted therapies in inflammation/immunology and possibly oncology and the compounds developed are of high quality and merit further development. HMP intends, in due course, and subject to final regulatory toxicity testing results, to independently commence clinical study.
HMP and Janssen will continue to work together on projects in other contexts.
Ends
Chi-Med Telephone: +852 2121 8200
Christian Hogg, CEO
Panmure Gordon (UK) Limited Telephone: +44 20 7886 2500
Richard Gray
Andrew Potts
Citigate Dewe Rogerson Telephone: +44 20 7638 9571
Anthony Carlisle Mobile: +44 7973 611 888
David Dible Mobile: +44 7967 566 919
HMP is a novel drug R&D company focusing on discovering, developing and commercialising innovative therapeutics in oncology and autoimmune diseases. With a team of around 250 scientists and staff, its pipeline is comprised of novel oral compounds for cancer and inflammation in development in North America, Europe, Australia and Greater China.
HMP is a subsidiary of Chi-Med. For more information, please visit: www.hmplglobal.com.
Chi-Med is a China-based healthcare group focused on researching, developing, manufacturing and selling pharmaceuticals and health-related consumer products. Its Innovation Platform focuses on discovering and developing innovative therapeutics in oncology and autoimmune diseases. Its Commercial Platform manufactures, markets and distributes prescription drugs and consumer health products in China.
Chi-Med is majority owned by the multinational conglomerate CK Hutchison Holdings Limited (SEHK:0001). For more information, please visit: www.chi-med.com.