London: Wednesday, 9 October 2013: Chi-Med today announces that Hutchison MediPharma Limited (“HMP”), its majority owned R&D company, is set to receive a milestone payment of US$6 million from Janssen Pharmaceuticals, Inc. (“Janssen”), pursuant to the global strategic alliance (the “Agreement”) to develop novel small-molecule therapeutics against a target in the area of inflammation/immunology entered into by the companies in June 2010.
The US$6 million milestone was triggered by a compound, the Candidate, discovered by HMP in collaboration with Janssen meeting certain development candidate criteria pursuant to the Agreement. Upon achievement of specific clinical development and approval milestones, HMP may potentially receive up to an additional US$90.5 million and is entitled to royalties on worldwide sales upon commercialisation of a product by Janssen.
Christian Hogg, CEO
|Telephone:||+852 2121 8200|
Citigate Dewe Rogerson
Anthony Carlisle David Dible
|Telephone: Mobile: Mobile:||
+44 20 7638 9571
+44 7973 611 888
+44 7967 566 919
Panmure Gordon (UK) Limited
Richard Gray Andrew Potts
|Telephone:||+44 20 7886 2500|
HMP is a novel drug R&D company focusing on discovering, developing and commercialising innovative therapeutics in oncology and autoimmune diseases. With a team of around 200 scientists and staff, its pipeline is comprised of novel oral compounds for cancer and inflammation in development in North America, Europe, Australia and Greater China.
HMP is majority owned by Chi-Med. For more information please visit: www.hmplglobal.com
Chi-Med is the holding company of a healthcare group based primarily in China and was listed on the Alternative Investment Market of the London Stock Exchange in May 2006. It is focused on researching, developing, manufacturing and selling pharmaceuticals and health oriented consumer products.
Chi-Med is majority owned by Hutchison Whampoa Limited, an international company listed on the Main Board of The Stock Exchange of Hong Kong Limited. For more information please visit: www.chi-med.com