Hanmi Pharm exports ophthalmic drug 'Luminate' licensing rights to China... Up to 170 billion KRW deal

Hanmi Pharm Headquarters View (Photo by Hanmi Pharm)

[Asia Economy Reporter Chunhee Lee] Hanmi Pharmaceutical's new ophthalmic drug for dry age-related macular degeneration and other eye diseases, 'Luminate' (active ingredient 'risuteganib'), is entering the Chinese market through a licensing agreement worth up to $145 million (approximately 172.6 billion KRW), including an upfront payment of $6 million (approximately 7.1 billion KRW).

Hanmi Pharmaceutical announced on the 3rd that it signed a license agreement on the 31st of last month granting Ephermed Therapeutics, a clinical-stage biopharmaceutical company, exclusive rights for the development, manufacturing, and commercialization of its innovative ophthalmic drug Luminate in China.

Luminate is a new drug for retinal diseases developed by Allegro, a U.S.-based ophthalmology-focused R&D company in which Hanmi Pharmaceutical has made a strategic investment. It is a novel integrin inhibitor that regulates multiple pathways of oxidative stress response, including mitochondrial dysfunction, to inhibit the neovascularization and proliferation of abnormal blood vessels in the eye. It is currently undergoing global Phase 1 and Phase 2 clinical trials targeting various ophthalmic diseases such as dry age-related macular degeneration (dry AMD), diabetic macular edema, vitreomacular traction, and non-proliferative diabetic retinopathy, demonstrating efficacy and safety. Hanmi Pharmaceutical acquired exclusive rights for the development and commercialization of Luminate in the Korean and Chinese markets in 2015.

Ephermed Therapeutics Logo (Photo by Hanmi Pharmaceutical)

Through this agreement, Hanmi Pharmaceutical grants Ephermed exclusive rights for manufacturing, development, and commercialization of Luminate within the Greater China region (China, Hong Kong, Taiwan, and Macau). The contract value reaches up to $145 million, including a non-refundable upfront payment of $6 million and milestone payments contingent upon successful clinical trials and regulatory approvals. Additionally, Hanmi will receive sales royalties based on annual net sales once the product is launched in China. The payments received from Ephermed will also be shared with Allegro.

Kwon Se-chang, CEO of Hanmi Pharmaceutical, stated, "Luminate, which has secured differentiated competitiveness in the ophthalmology field, can now demonstrate greater future value through collaboration with Ephermed, a capable Chinese biopharmaceutical company. We will do our best to rapidly commercialize this innovative ophthalmic drug through close cooperation with our partners."

Zhao Dayao, CEO of Ephermed, said, "Currently, there is no approved effective treatment for patients suffering from dry age-related macular degeneration, which represents the majority of patients with age-related macular degeneration. We are pleased to collaborate with Hanmi Pharmaceutical to accelerate the development and commercialization of Luminate and provide it to millions of patients in the Greater China region."

This content was produced with the assistance of AI translation services.