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- HUTCHMED (China) Limited (NASDAQ:HCM) said that amid the challenging market conditions currently affecting the global biopharmaceutical sector, it had planned a strategic update following an in-depth evaluation of the business.
- The company is making a strategic shift to focus on the most advanced assets from its internally developed pipeline, which are most likely to drive near-term value, particularly the global registration of fruquintinib.
- Related: Hutchmed-Lilly Partnered Gastric Cancer Drug Shows Mixed Results In Phase 3 Study.
- Selected early-stage studies will not be prioritized for internal development, and others will be considered candidates for out-licensing opportunities, enabling the company to focus resources on its later-stage assets.
- The company will seek potential partnerships to commercialize its assets outside of China.
- HUTCHMED will provide updates in due course with detailed decisions regarding specific programs and progress to streamline the organization.
- In light of this strategic shift in focus, Dr. Michael Shi, currently EVP, Head of R&D, and Chief Medical Officer, in China, will become responsible for clinical development globally.
- Dr. Marek Kania, Executive Vice President, Managing Director, and Chief Medical Officer, International, will be transitioning from his role with HUTCHMED.
- Price Action: HCM shares closed 10.91% higher at $10.98 on Monday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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