China’s Hengrui gets boost from fifth drug-licensing deal of year, adds India partner
Shares rise after Mumbai-based Glenmark Pharmaceuticals strikes deal for cancer drug
Shares in Jiangsu Hengrui Pharmaceuticals, China’s largest drug maker by market value, got a boost on Thursday after it announced its fifth licensing deal of the year, widening its access to the key emerging market of India.
The agreement was part of an effort to leverage overseas partners’ resources to help bring new drugs it discovered to the global market, Hengrui added.
“The company adheres to the dual strategy of independent research and development and open collaboration,” it said. “While pursuing organic growth, it actively strengthens international partnerships to accelerate the translation of R&D achievements.”
The deal gives the Indian partner the right to develop and commercialise trastuzumab rezetecan, a cancer drug that was approved in May in mainland China for a type of lung cancer, in markets excluding China, the US, Canada, Japan, Europe and 10 former Soviet republic nations. The drug also has the potential to treat other solid cancers.
Glenmark will pay US$18 million for the rights and could make further payments of up to US$1.1 billion if certain regulatory and commercial performance targets are met.