BRIEF—Hanmi crashes after J&J drops diabetes candidate

Shares in Hanmi Pharmaceutical have fallen by around a third, after Johnson & Johnson opted to return rights to the investigational diabetes drug HM12525A, South Korean press  reports.

J&J picked up the rights in November 2015, in return for a $105 million upfront payment, plus milestones of up to $810 million.

Janssen, the pharma arm of the US drugmaker, opted to discontinue its involvement after disappointing Phase II data. Hanmi reportedly said it is yet to decide whether to continue with the program.