Hanmi Pharmaceutical (128940) is regaining the rights to belvarafenib (HM95573), a cancer drug candidate it licensed to Genentech a decade ago. The company plans to continue a Phase 2 trial in melanoma patients in South Korea even after the contract with Genentech ends.
Hanmi Pharmaceutical said in a regulatory filing on the 29th that Genentech had notified it of the termination of the belvarafenib licensing agreement and the return of the rights. The termination takes effect on Dec. 27, 90 days after the notification date. The two companies plan to transfer related responsibilities and authority by the termination date, and Hanmi Pharmaceutical will not return the $80 million upfront payment it has already received.
Hanmi Pharmaceutical signed the belvarafenib licensing agreement with Genentech in September 2016. "Genentech formalized years ago that it would no longer pursue development, so this contract termination was anticipated," a company official said. "In South Korea, we are currently conducting a Phase 2 trial in melanoma patients smoothly."
Meanwhile, Hanmi Pharmaceutical and Genentech are maintaining their partnership through an obesity drug candidate. Last month, Hanmi Pharmaceutical licensed HM17321, an obesity treatment candidate being developed to preserve muscle while reducing body weight, to Genentech in a deal worth up to about $2.3 billion (3.1723 trillion won).
