Hutchmed (China) Ltd on Thursday said it will receive a $20 million payment from its partner Takeda Pharmaceutical Co Ltd which achieved a net sales milestone.
Hutchmed is a Hong Kong-based biopharmaceutical company focused on the treatment of cancer and immunological disease, and develops and markets fruquintinib in China. Takeda is a Tokyo-based pharmaceutical company with the exclusive worldwide licence to develop, commercialise and manufacture fruquintinib outside of mainland China.
Fruquintinib is the generic name for Fruzaqla, a drug treatment for metastatic colorectal cancer, which is the second most common cause of cancer-related deaths in the US.
Takeda made $203 million in net sales of Fruzaqla in the nine months that ended September 30.
Hutchmed Chief Executive Officer Weiguo Su said: ‘The achievement of $200 million in sales is a testament to Takeda’s commercial strength in launching global brands, the clinical benefit of fruquintinib and the success of our partnership strategy for commercialising our medicines outside of China. Receiving the $20 million milestone payment will strengthen our balance sheet as we look to expand the use of fruquintinib into new indications, and highlights our strategy of global partnerships across our broad pipeline.’
Shares in Hutchmed (China) were down 2.1% at 286.00 pence each in London on Thursday morning. Takeda shares rose 0.3% at JP¥4,264.00 in Tokyo on Thursday.
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