Roche licenses rights to Hanmi's experimental cancer drug under agreement worth up to $910 million

Roche's Genentech unit and Hanmi Pharmaceutical signed an agreement in which the Swiss drugmaker will receive an exclusive global licence, excluding South Korea, to the experimental pan-RAF inhibitor HM95573, Hanmi announced Thursday. James Sabry, global head of Genentech Partnering, remarked "we are excited to partner with Hanmi and leverage their scientific insights to develop novel therapies that target the MAPK pathway." 

Under the agreed terms, Roche will make an upfront payment of $80 million to the South Korean drugmaker, with the latter eligible to receive milestones worth as much as $830 million. Hanmi said it is also eligible for tiered double-digit royalties on the sales of certain products developed in the collaboration. 

Complete financial terms of the agreement were not divulged. Hanmi indicated that the agreement is expected to be completed in the next quarter. 

To read more Top Story articles, click here.