Hong Kong, Shanghai, San Diego & Florham Park, NJ: Monday, January 11, 2021 — Inmagene Biopharmaceuticals (“Inmagene”) and Hutchison China MediTech Limited (“Chi-Med”) (Nasdaq/AIM: HCM) and 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.