ANALYSIS: Hanmi Deal Strengthens BI’s Hand But Competitors Ahead
This article was originally published in PharmAsia News
Hanmi’s third-generation EGFR inhibitor HM61713, acquired for $50 million up front, strongly complements Boehringer Ingelheim’s existing oncology drug Gilotrif/Giotrif, but the new asset is facing competitors from AstraZeneca and Clovis that are more advanced in development.
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Boehringer Ingelheim culled its late-stage lung cancer partnership with Hanmi after spending $65m in the first year because of the rapidly changing environment in the EGFR-positive lung cancer space. The German company doesn't intend to sit around licking its olmutinib-induced wounds, though, and is still committed to the lung cancer space.
Hanmi shares have gone on a wild roller coaster ride as bad news came after good. A day after it announced a huge licensing agreement with Genentech, the South Korean firm unveiled that Boehringer Ingelheim had decided to return rights to olmutinib, the EGFR inhibitor it licensed from Hanmi last July.
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