- HUTCHMED (China) Limited 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.
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