CK Hutchison-backed HutchMed eyes global expansion after FDA approval for novel cancer drug
- The FDA has granted HutchMed’s partner Takeda approval to market the self-developed cancer drug ‘fruquintinib’ in the US
- HutchMed signed a licensing agreement with the Japanese drug company in January in a deal valued at up to US$1.13 billion
HutchMed (China), in which Hong Kong conglomerate CK Hutchison Holdings holds a major stake, is poised to market its self-developed cancer drug “fruquintinib” in Japan and Europe, according to a top executive.
The move underscores the company’s global expansion plans, following approval this month by the US Food and Drug Administration (FDA) to its partner Takeda Pharmaceutical for the drug, an oral targeted therapy for adults with previously treated metastatic colorectal cancer.
The FDA approval for the self-developed drug is a major boost for the company as it showcases the company’s scientific research capabilities to the world, said Su Weiguo, CEO and chief scientific officer.
“This is our first novel oncology product approved and marketed in the US,” Su said in an interview with the Post. “It is clearly a milestone for us.”
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