[THE INVESTOR] Hanmi Pharmaceutical said on Jan. 23 that its partner Eli Lilly would hand back its licensed new drug candidate BTK inhibitor in rheumatoid arthritis and its commercialization rights.
In 2015, the Korean drug maker struck a US$700 million licensing deal with Eli Lilly to export the drug.
Eli Lilly got global rights to the molecule in development and marketing, excluding Korea.
It paid Hanmi US$50 million up front and agreed to pay a further US$640 million in potential development and sales milestones.
But last year, Eli Lilly ended phase 2 trials of its BTK inhibitor as interim results were ineffective.
“This month, Eli Lilly has decided to hand back rights to the drug back to us, and we are going to receive all trial data and related ones after the licensing-out deal within 90 days,” Hanmi said in a regulatory filing.
Hanmi has secured a series of licensing-out deals with global firms including Sanofi.
By Song Seung-hyun and newswires (email@example.com)