Subject to customary closing conditions, the companies have signed a worldwide license agreement to enhance Hanmi’s Quantum Project and reach a broader patient population
Under the terms of the agreement, Hanmi will receive an upfront payment of €400m and is eligible for up to €3.5bn in development, registration and sales milestones, as well as double digit royalties on net sales.
Sanofi will obtain an exclusive worldwide license to develop and commercialise
Collectively known as the ‘Quantum Project,’ these therapeutic offerings have been developed using Hanmi's proprietary long acting protein/peptide discovery platform, LAPSCOVERY technology. Hanmi will retain an exclusive option to co-commercialise the products in Korea and China.
LAPSCOVERY is a platform technology that prolongs the duration of action of biologics. The objective is to minimise the frequency of treatment and the dose required, thereby potentially lowering the adverse event rates and optimising efficacy, according to Hamni.
‘The agreement to develop these three investigational diabetes medicines confirms Sanofi's long-term commitment to people with this disease,’ said Pascale Witz, Executive Vice President, Sanofi, who will lead the Global Diabetes and Cardiovascular Care Business Unit in the company's new organisational structure.
‘We now have the opportunity to expand our existing portfolio by including medicines that are administered weekly as well as daily, which could extend our reach in basal insulin and expand our GLP-1-RA and GLP-RA/insulin combination prospects. We aim to complement our current offerings and to serve a broader patient population,’ she added.
‘We are pleased that Sanofi has recognised the value of Hanmi's Quantum Project,’ said Dr Gwan Sun Lee, CEO/President of Hanmi Pharmaceutical. ‘We are confident that we have found the right partner and are excited about what this license agreement with Sanofi will bring to the development of Hanmi's Quantum Project and the possibilities it could offer to people with diabetes.’