Hutchison China Meditech Limited Chi-Med & Inmagene Announce Strategic Partnership
11 January 2021 - 6:00PM
RNS Non-Regulatory
TIDMHCM
Hutchison China Meditech Limited
11 January 2021
Press Release
Chi-Med and Inmagene Announce Strategic Partnership to Develop
and Commercialize Portfolio of Drug Candidates for Immunological
Diseases
Hong Kong, Shanghai, San Diego & Florham Park, NJ: Monday,
January 11, 2021: Hutchison China MediTech Limited ("Chi-Med")
(Nasdaq/AIM: HCM) and Inmagene Biopharmaceuticals ("Inmagene")
today announce a strategic partnership to further develop four
novel preclinical drug candidates discovered by Chi-Med for the
potential treatment of multiple immunological diseases. Funded by
Inmagene, the companies will work together to move the drug
candidates towards investigational new drug ("IND") submission. If
successful, Inmagene will then move the drug candidates through
global clinical development.
Under the terms of the agreement, Chi-Med grants Inmagene
exclusive options to four drug candidates solely for the treatment
of immunological diseases. Should Inmagene exercise the option, it
will have the right to further develop, manufacture and
commercialize that specific drug candidate worldwide, with Chi-Med
retaining first right to co-commercialization in mainland China.
For each of the drug candidates, Chi-Med will be entitled to
development milestones of up to US$95 million and up to US$135
million in commercial milestones, as well as up to double-digit
royalties upon commercialization.
Christian Hogg, Chief Executive Officer of Chi-Med, said, "This
partnership will enable Inmagene to investigate the immunological
disease applications of these four drug candidates, discovered by
our in-house discovery organization. We believe that these four
candidates have scope in multiple immunological diseases and we are
pleased to see these opportunities investigated further by
Inmagene."
Jonathan Wang, Chairman and Chief Executive Officer of Inmagene,
added, "We are delighted to partner with Chi-Med, one of China's
flagship biopharmaceutical companies with a proven track record and
excellent reputation for innovation. Focused on immunology-related
therapeutic areas, Inmagene is ideally positioned to unlock the
global potential of these important Chi-Med immunology
innovations."
About Chi-Med
Chi-Med (Nasdaq/AIM: HCM) is an innovative biopharmaceutical
company committed, over the past twenty years, to the discovery and
global development of targeted therapies and immunotherapies for
the treatment of cancer and immunological diseases. It has a
portfolio of nine cancer drug candidates currently in clinical
studies around the world and extensive commercial infrastructure in
its home market of China. For more information, please visit:
www.chi-med.com.
About Inmagene Biopharmaceuticals
Inmagene, with wholly owned subsidiaries in Shanghai, San Diego,
and Hangzhou, is one of the leading companies in immunology drug
development in China. It is building a strong pipeline of over ten
compounds, among which IMG-020 is about to enter global clinical
trials in multiple indications for registration. For additional
information about Inmagene Biopharmaceuticals, please visit
www.inmagenebio.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements reflect Chi-Med's current expectations regarding future
events, including its expectations for the further preclinical and
clinical development of certain drug candidates in partnership with
Inmagene, Chi-Med's and Inmagene's roles and responsibilities in
the partnership, and the potential benefits of such drug candidates
for the treatment of autoimmune diseases. Forward-looking
statements involve risks and uncertainties. Such risks and
uncertainties include, among other things, the ability of Chi-Med
and Inmagene to develop and receive regulatory approvals for their
partnered drug candidates; the risk that the potential benefits of
such drug candidates do not materialize or do not outweigh the
costs; the preclinical and clinical results for such drug
candidates, which may not support further development or marketing
approval; actions of regulatory agencies, which may affect the
initiation, timing and progress of clinical trials and marketing
approval; Inmagene's ability to obtain funding to complete the
development and commercialization as planned; and the impact of the
COVID-19 pandemic on general economic, regulatory and political
conditions. Existing and prospective investors are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date hereof. For further discussion of these
and other risks, see Chi-Med's filings with the U.S. Securities and
Exchange Commission and on AIM. Chi-Med undertakes no obligation to
update or revise the information contained in this press release,
whether as a result of new information, future events or
circumstances or otherwise.
CONTACTS
Chi-Med Investor Enquiries
Mark Lee, Senior Vice President +852 2121 8200
Annie Cheng, Vice President +1 (973) 567 3786
Chi-Med Media Enquiries
Americas - Brad Miles, Solebury Trout +1 (917) 570 7340 (Mobile)
bmiles@troutgroup.com
Europe - Ben Atwell / Alex Shaw, FTI Consulting +44 20 3727 1030 / +44 7771 913 902 (Mobile) / +44 7779
545 055 (Mobile)
Chi-Med@fticonsulting.com
Asia - Joseph Chi Lo / Zhou Yi, Brunswick +852 9850 5033 (Mobile), jlo@brunswickgroup.com / +852 97
83 6894 (Mobile), y zhou@brunswickgroup.com
Chi-Med Nominated Advisor
Freddy Crossley / Atholl Tweedie, Panmure Gordon (UK)
Limited +44 (20) 7886 2500
Inmagene Enquiries
Jimmy Wei, Chief Business Officer PR@inmagenebio.com
This information is provided by Reach, the non-regulatory press
release distribution service of RNS, part of the London Stock
Exchange. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
NRABPMPTMTAMBMB
(END) Dow Jones Newswires
January 11, 2021 02:00 ET (07:00 GMT)
Hutchmed (china) (LSE:HCM)
Historical Stock Chart
From Apr 2024 to May 2024
Hutchmed (china) (LSE:HCM)
Historical Stock Chart
From May 2023 to May 2024