Chi-Med and AstraZeneca amend savolitinib agreement to speed up development
A global deal over the oncology drug savolitinib involving Anglo-Swedish pharma major AstraZeneca (LSE: AZN) and Chi-Med (LSE: HCM) has been revised to speed its development into additional indications.
The amendment enables Chi-Med to retain substantially more of the global sales potential of the compound, and follows a review of Phase I/II data in an ongoing study in papillary renal cell carcinoma (PRCC).
Chi-Med, a biopharma which is majority owned by the multinational conglomerate CK Hutchison Holdings (SEHK: 0001), will contribute $50 million in development funds to speed trials in additional indications, in exchange for an additional 5% from royalties on sales across all indications and regions.
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