London: Wednesday, 9 October 2013: Hutchison MediPharma Limited (“HMP”), an R&D company majority owned by Chi-Med, today announces that it has entered into a licensing, co-development, and commercialisation agreement in China with Eli Lilly and Company (“Lilly”) for Fruquintinib (HMPL-013), a targeted oncology therapy for the potential treatment of various types of solid tumours. Fruquintinib, a selective inhibitor of the Vascular Endothelial Growth Factor (“VEGF”) receptor tyrosine kinases, was discovered by HMP and is currently in Phase II testing in China.
Under the terms of the agreement, the costs of future development of Fruquintinib in China, to be carried out by HMP, will be shared between HMP and Lilly. HMP will potentially receive a series of payments of up to US$86.5 million, including upfront payments and development and regulatory approval milestones. Should Fruquintinib be successfully commercialised in China, HMP would receive tiered royalties starting in the mid-teens percentage of net sales. Additional terms of the agreement were not disclosed.
Christian Hogg, Chief Executive Officer of Chi-Med said: “Our belief is that Fruquintinib has potential activity against multiple tumour types with high incidence rates and may benefit patients with significant unmet medical needs in China. The collaboration with Lilly will allow for Fruquintinib to be developed across various tumour types in China and at a far greater speed than if we went alone.”
“We are excited to collaborate with Hutchison MediPharma in the development of this potential new cancer therapy,” said Jacques Tapiero, Lilly Senior Vice President and President of Emerging Markets. “In Lilly’s emerging markets business, we are focused on providing patients with innovative medicines from our own pipeline and through collaborations with respected science-based companies such as HMP. Together, we are committed to help meet the medical needs of oncology patients in China.”
Ends
Chi-Med
Christian Hogg, CEO
Telephone: +852 2121 8200
Citigate Dewe Rogerson
Telephone: +44 20 7638 9571
Anthony Carlisle
Mobile: +44 7973 611 888
David Dible
Mobile: +44 7967 566 919
Panmure Gordon (UK) Limited
Telephone: +44 20 7886 2500
Richard Gray
Andrew Potts
Fruquintinib (“HMPL-013”) is a novel and potent small molecule agent that selectively inhibits VEGFR 1, 2 and 3. In preclinical studies, Fruquintinib has shown potent inhibitory effects on multiple human tumour xenografts. In the initial single arm Phase I study in advanced refractory solid tumours, Fruquintinib has demonstrated excellent pharmacokinetic properties and was well tolerated. In addition, it demonstrated clinical activity in patients with various heavily pre-treated advanced cancers. Currently, a single arm Phase II study for Fruquintinib is on-going in China with results expected to be released in early 2014. In July 2013, HMP received Phase II/III Clinical Trial Application approval from the China Food and Drug Administration which granted the further development of Fruquintinib. . In the planned Phase II/III clinical trials, Fruquintinib will be studied in patients witha variety of solid tumours.
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 200 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 majority owned by Chi-Med. For more information please visit: www.hmplglobal.com
Chi-Med is the holding company of a healthcare group based primarily in China and was listed on the Alternative Investment Market of the London Stock Exchange in May 2006. It is focused on researching, developing, manufacturing and selling pharmaceuticals and health oriented consumer products. Chi-Med is majority owned by Hutchison Whampoa Limited, an international company listed on the Main Board of The Stock Exchange of Hong Kong Limited. For more information please visit: www.chi-med.com