HUTCHMED Announces that Inmagene Exercises Option to License Two Drug Candidates as Part of Strategic Partnership
February 02 2024 - 3:30AM
HUTCHMED (China) Limited (“HUTCHMED”) (Nasdaq/AIM:HCM; HKEX:13)
today announced that, Inmagene Biopharmaceuticals (“Inmagene”) has
exercised options to license two drug candidates discovered by
HUTCHMED, IMG-007 and IMG-004 (the “Options”) pursuant to the terms
of the strategic partnership announced on January 11, 2021.
Following the exercise of the Options and subject to receipt by
HUTCHMED of ordinary shares representing approximately 7.5% of
shares (fully diluted) in Inmagene, Inmagene will be granted an
exclusive license to further develop, manufacture and commercialize
these two drug candidates worldwide.
As part of the partnership, HUTCHMED granted
Inmagene exclusive options to multiple drug candidates solely for
the treatment of immunological diseases. Since the execution of the
Option agreement, Inmagene has funded and led two of these
candidates, IMG-004 and IMG-007, to clinical development. For each
of the drug candidates, IMG-004 and IMG-007, HUTCHMED is entitled
to receive potential payments subject to the achievement of
development milestones of up to US$92.5 million and subject to the
achievement of commercial milestones of up to US$135 million, as
well as royalties upon commercialization.
In 2023, Inmagene initiated two global Phase IIa
clinical trials in adults with moderate-to-severe atopic dermatitis
and in adults with alopecia areata, with the investigational OX40
antagonistic monoclonal antibody (mAb) IMG-007. It also completed a
Phase I single ascending dose (SAD) study of IMG-004, a reversible,
non-covalent, highly selective oral BTK inhibitor designed to
target immunological diseases.
Dr Weiguo Su, Chief Executive Officer and Chief
Scientific Officer of HUTCHMED, said: “This is an important step
for the progress of these two drug candidates in immunological
diseases and demonstrates the potential of the candidates
discovered by HUTCHMED. The success of this strategic partnership
provides further validation of HUTCHMED’s in-house R&D engine
and our collaborative approach to developing some of our innovative
drug candidates. We look forward to continuing our partnership with
Inmagene and seeing the impact these drug candidates could have for
patients with immunological diseases.”
About Inmagene
Inmagene is a global clinical-stage
biotechnology company developing novel therapeutics for
immunological and inflammatory diseases. The company’s highly
differentiated clinical-stage pipeline has multiple candidates with
best-in-class potential. The lead asset IMG-007, a non-depleting
anti-OX40 mAb, is in two global Phase IIa clinical trials in atopic
dermatitis and alopecia areata. IMG-004, a non-covalent reversible
BTK inhibitor is in a Phase I multiple ascending dose (MAD) study.
IMG-008, an in-house developed long-acting anti-IL-36R mAb is
entering global Phase I clinical development.
For more information, please visit
www.inmagenebio.com.
About IMG-007
IMG-007 is a humanized anti-OX40 IgG1 mAb, with
an elongated half-life and silenced antibody-dependent
cell-mediated cytotoxicity (ADCC) function. OX40-OX40L axis is
important in T cell activation, expansion, and survival, thereby
having an important role in the pathogenesis of a spectrum of
immunological and inflammatory diseases. In nonclinical studies,
IMG-007 demonstrated the ability to selectively and potently block
the signaling between OX40 and OX40L. Phase I SAD data suggests a
31-day half-life at anticipated therapeutic dose levels, enabling
the potential for once every 12 weeks (Q12W) dosing, and a
favorable safety profile without any pyrexia and chills,
differentiating from similar molecules in development. It is being
evaluated for the treatment of moderate-to-severe atopic dermatitis
and alopecia areata in two Phase IIa studies.
About IMG-004
Designed specifically for inflammatory and
autoimmune diseases that usually require long-term treatment,
IMG-004 is a reversible, non-covalent, potent, highly selective and
brain permeable oral agent. Phase I SAD study results suggest a
long half-life and durable pharmacodynamics (PD) effect, enabling
the potential for once-daily (QD) dosing. Following the ongoing
Phase I MAD study, IMG-004 will be evaluated in chronic spontaneous
urticaria (CSU) and rheumatoid arthritis (RA).
About HUTCHMED
HUTCHMED (Nasdaq/AIM:HCM; HKEX:13) is an
innovative, commercial-stage, biopharmaceutical company. It is
committed to the discovery and global development and
commercialization of targeted therapies and immunotherapies for the
treatment of cancer and immunological diseases. It has
approximately 5,000 personnel across all its companies, at the
center of which is a team of about 1,800 in oncology/immunology.
Since inception it has focused on bringing cancer drug candidates
from in-house discovery to patients around the world, with its
first three medicines marketed in China, the first of which is also
marketed in the U.S. For more information, please visit:
www.hutch-med.com or follow us on LinkedIn.
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 HUTCHMED’s current expectations
regarding future events, including but not limited to its
expectations regarding the therapeutic potential of IMG-004 and
IMG-007, the further clinical development for IMG-004 and IMG-007,
its expectations as to whether any studies on IMG-004 and IMG-007
would meet their primary or secondary endpoints, and its
expectations as to the timing of the completion and the release of
results from such studies. Forward-looking statements involve risks
and uncertainties. Such risks and uncertainties include, among
other things, assumptions regarding the timing and outcome of
clinical studies and the sufficiency of clinical data to support
approval of IMG-004 and IMG-007 for the treatment of patients with
atopic dermatitis or other indications in jurisdictions such as
China, the U.S., the E.U. or Japan, the efficacy and safety profile
of IMG-004 and IMG-007;Inmagene’s ability to fund, implement and
complete its further clinical development and commercialization
plans for IMG-004 and IMG-007; the timing of these events;
Inmagene’s ability to satisfy the terms and conditions under the
license agreement, assumptions regarding changes to clinical
protocols or regulatory requirements; unexpected adverse events or
safety issues; the ability of IMG-004 and IMG-007, including as
combination therapies, to meet the primary or secondary endpoint of
a study, to obtain regulatory approval in different jurisdictions
and to gain commercial acceptance after obtaining regulatory
approval; the potential markets of IMG-004 and IMG-007 for a
targeted indication; the sufficiency of funding; Inmagene’s ability
to successfully develop, manufacture and commercialize IMG-004 and
IMG-007, and the impact of COVID-19 or other infectious diseases 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
HUTCHMED’s filings with the U.S. Securities and Exchange
Commission, The Stock Exchange of Hong Kong Limited and on AIM.
HUTCHMED 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
Investor Enquiries |
+852 2121 8200 /
+1 973 306 4490 / ir@hutch-med.com |
|
|
Media Enquiries |
|
Ben Atwell / Alex Shaw, FTI Consulting |
+44 20 3727 1030 /
+44 7771 913 902 (Mobile) /
+44 7779 545 055 (Mobile) /
HUTCHMED@fticonsulting.com |
Zhou Yi, Brunswick |
+852 9783 6894 (Mobile) /
HUTCHMED@brunswickgroup.com |
|
|
Nominated Advisor |
|
Atholl Tweedie / Freddy Crossley / Daphne Zhang,
Panmure Gordon |
+44 (20) 7886 2500 |
HUTCHMED China (NASDAQ:HCM)
Historical Stock Chart
From Sep 2024 to Oct 2024
HUTCHMED China (NASDAQ:HCM)
Historical Stock Chart
From Oct 2023 to Oct 2024