Boehringer in deal with Hanmi Pharma to develop EGFR targeted therapy in lung cancer

German family-owned pharma major Boehringer Ingelheim and South Korean drugmaker Hanmi Pharmaceutical have entered into an exclusive license and collaboration agreement for the development and global commercialization rights, except South Korea, China and Hong Kong, of HM61713, a novel third-generation EGFR targeted therapy for the treatment of EGFR mutation-positive lung cancer.

Worth a potential $730 million

Under the terms of the accord Hanmi will receive an initial payment of $50 million and is entitled to potential milestone payments of $680 million, plus tiered double-digit royalties on future net sales. The agreement is subject to clearance under the Hart-Scott-Rodino Antitrust Improvements Act, similar requirements outside the USA, and other customary closing conditions.