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Hutchison China MediTech Adds $50 Million to AstraZeneca Partnership

publication date: Aug 2, 2016
Hutchison China MediTech (Chi-Med) agreed to contribute $50 million to accelerate global clinical development of savolitinib, a c-MET inhibitor that Chi-Med partners with AstraZeneca. Originally, AstraZeneca was supposed to pay for all ex-China tests of savolitinib while Chi-Med and AstraZeneca split development costs in China. In return, Chi-Med got a 5% boost in its share of ex-China revenues from savolitinib. The tiered royalty rate will become 14-18%, up from 9-13%. All other provisions of the 2011 agreement remain the same. The change to the $140 million Chi-Med-AstraZeneca deal followed positive Phase I and II trials of savolitinib. Chi-Med's novel drug operations are in Shanghai's Zhangjiang Hi-Tech Park. More details....

Stock Symbols: (AIM: HCM; NSDQ: HCM)

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