FAST NEWS: Antengene appoints Hansoh to commercialize myeloma drug
The latest: Antengene Corporation Ltd. (6996.HK) announced Friday it has entered into an exclusive collaboration agreement with Hansoh Pharmaceutical Group Co. Ltd. (3692.HK) for the commercialization of the relapse or refractory multiple myeloma drug Xpovio in mainland China.
Looking up: Antengene will receive an upfront payment of up to 200 million yuan ($27.7 million) and milestone payments of up to 535 million yuan from Hansoh. Also, it will continue to record revenues from sales of Xpovio in Mainland China.
Take Note: As Hansoh will be solely responsible for the commercialization of Xpovio in Mainland China, Antengene will be required to pay a service fee to Hansoh, implying related revenue will be diluted.
Digging Deeper: Antengene, incorporated in August 2018 and headquartered in Shanghai, focuses on the development of innovative anti-tumor drugs and was listed on the Hong Kong Stock Exchange in November 2020, raising approximately HK$2.77 billion ($355 million). In May last year, its first commercialized product, Xpovio, was launched in China, bringing in more than 53 million yuan in turnover in just over a month and contributing nearly 160 million yuan to last year’s annual revenue. In addition, the company has nine other oncology-focused clinical stage candidates in its pipeline, one of which will soon enter the IND application stage.
Market Reaction: Antengene shares rose on Friday to close up 1.5% at HK$1.35 by the midday break. It now trades at the lower end of its 52-week range.
Translation by A. Au
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