Hanmi gives up on Olita late into development

13 April 2018

South Korean pharma firm Hanmi Pharmaceutical (KRX: 128940) has discontinued any further development efforts on Olita (olmutinib), its embattled lung cancer treatment.

The decision follows the collapse of several international licensing deals as well as the success found by Olita's chief rival, AstraZeneca's (LSE: AZN) popular Tagrisso (osimertinib).

Tagrisso is more widely established than Hanmi's alternative, and performs many of the same functions in more than 40 countries while Olita had approval exclusively in South Korea.

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