HUTCHMED Announces Completion of Fruquintinib Licensing Deal with Takeda for Ex-China Territories

HUTCHMED (00013) announced that, following the announcement on January 23, 2023, and the completion of customary closing conditions, including antitrust review, the exclusive licensing agreement with a subsidiary of Takeda Pharmaceutical Company Limited (Tokyo Stock Exchange: 4502; New York Stock Exchange: TAK) to further advance the global development, commercialization, and manufacturing of fruquintinib outside of China has been completed.

With strong preclinical and clinical characteristics, fruquintinib offers a potential new treatment option for patients with refractory metastatic colorectal cancer, supporting the shared goal of Takeda and HUTCHMED to improve the lives of cancer patients worldwide. Takeda is now responsible for the development, commercialization, and manufacturing of fruquintinib in all regions globally (except mainland China, Hong Kong, and Macau). Fruquintinib has been launched in mainland China, Hong Kong, and Macau by HUTCHMED.

Following the completion of the exclusive licensing agreement, HUTCHMED (Shanghai) Co., Ltd. will receive $400 million in the near term and is eligible to receive up to an additional $730 million in potential payments based on regulatory, development, and commercial sales milestones, plus royalties based on net sales. Marketing authorization submissions in the U.S., Europe, and Japan are planned for completion in 2023, with the rolling submission to the U.S. Food and Drug Administration (FDA) having commenced in December 2022.