The agreement covers granting Kinex Pharmaceuticals exclusive rights to Hanmi’s Orascovery technology and products including an oral formulation of paclitaxel and an oral formulation of irinotecan.
Orascovery technology includes a non-absorbed compound that facilitates the absorption of compounds that are usually not orally bioavailable or absorbed.
Under the terms of the agreement, Kinex Pharmaceuticals will acquire the rights to the development and commercialization of all products derived from the Orascovery program in the US, European Union, Eastern Europe, Russia, South America, Australia, New Zealand, Taiwan and Hong Kong.
Kinex Pharmaceuticals will take charge of associated costs in the licensed territories and will collaborate with Hanmi Pharmaceuticals during this process.
Hanmi Pharmaceuticals will receive an up-front payment from Kinex and all other payments will be effective when the first product is approved by regulatory authorities.