Hanmi Pharmaceutical Co. has entered into a license agreement for Luminate (risuteganib), a treatment for vitreoretinal diseases, with AffaMed Therapeutics in China for development and marketing of the drug in Greater China region, Hanmi Pharmaceutical announced in a regulatory filing on Monday.
Under the agreement, Hanmi Pharmaceutical will receive a total of $145 million that includes an upfront payment of $6 million and milestone payments upon successful clinical trials and approval of commercialization from AffaMed, according to Hanmi. The Korean pharmaceutical giant will also receive royalty fees after the drug is released in China following marketing authorization.
Hanmi Pharmaceutical shares rose 3.26 percent to close at 285,000 won ($238.89) on Monday.
Luminate is an integrin peptide therapy originally developed by Allegro Ophthalmics, a U.S. ophthalmic research and development company that Hanmi Pharmaceutical entered a license agreement with a strategic investment of $20 million in 2015. The deal has given Hanmi license rights in Korea and China.
Under the latest license agreement, AffaMed will develop Luminate as a cure for dry age-related macular degeneration (dry AMD) and other vitreoretinal disease and sell it in China, Hong Kong, Taiwan and Macau.
By Susan Lee
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