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news.French drugmaker Sanofi has signed a worldwide license agreement with South Korea's Hanmi Pharmaceutical to develop new diabetes treatments.
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Sanofi will pay Hanmi €400m up front and possibly a further €3.5bn in development, registration and sales milestones, in addition to double digit royalties on net sales.
In exchange, Sanofi will secure an exclusive worldwide license to develop and commercialize a series of therapies.
Hanmi will have an exclusive option to co-commercialize the products in Korea and China.
The therapies include efpeglenatide, a late-stage long-acting glucagon-like peptide-1 receptor agonists; a weekly insulin; and a fixed-dosed weekly GLP-1-RA/insulin drug combination.
Sanofi executive vice president Pascale Witz said: "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.
"In these ways, we aim to complement our current offerings and work to serve a broader patient population."
About 400 million people worldwide have diabetes, with type 2 accounting for over 90% of cases.
The license deal with Hanmi follows Sanofi’s collaboration and license agreement with BioNTech to discover and develop up to five cancer immunotherapies.