Hanmi Toughens Controls As Employees Arrested For Insider Trading
Prosecutors' two-month probe into Hanmi Pharmaceutical has concluded without a big bang after they found the South Korean firm did not intentionally delay the disclosure of a licensee decision to end a cancer drug partnership, but several employees have nevertheless been arrested over improper information leakage.
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Hanmi is set to focus on other assets in its innovative drug pipeline after it ends development of novel lung cancer drug olmutinib amid ZAI Lab’s recent cancellation of a licensing agreement with the South Korean pharma.
For the South Korean pharma industry, 2016 was largely about major global advances for a wide range of biosimilars, accompanied but some setbacks in the area of novel drug development.
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.