RAPT Therapeutics out-licenses cancer drug FLX475 in Asia

US immune-oncology drug developer RAPT Therapeutics (Nasdaq: RAPT) and South Korea’s Hanmi Pharmaceutical (KRX: 128940) have entered into a license and collaboration agreement for FLX475 in Asia, worth up to $118 million, with the news sending the US firm’s up more than 10% to $27.53

FLX475 is an oral, small molecule CCR4 antagonist in development for the treatment of multiple cancers, said RAPT (formerly known as FLX Bio).

“We are actively building our immuno-oncology portfolio, and see FLX475 as a potential keystone in our effort to deliver new safe and effective cancer therapeutics to patients who need them,” said Hanmi chief executive Se-Chang Kwon, adding: “This compound complements our current product portfolio and has the potential to address a large and growing population of patients suffering from cancers that are prevalent in Asian countries. We look forward to partnering with RAPT to advance FLX475 through the clinic efficiently.”