[Edaily Reporter NA EUN-KYUNG ] HanmiPharm ( HanmiPharm(128940)) is set to regain the rights to “Belvarapenib” (HM95573), an anti-cancer candidate compound it licensed to U.S.-based Genentech 10 years ago. This is part of the contract termination process following Genentech’s decision several years ago to halt development of Belvarapenib; HanmiPharm will not return the $80 million upfront payment it has already received.

HanmiPharm announced on the 29th that it had received notice from Genentech regarding the termination of the Belvarapenib technology transfer agreement and the return of rights. The termination will take effect on December 27, 90 days after the date of notification. The two companies plan to cooperate to ensure a smooth transfer of responsibilities and authorities related to Belvarapenib by the contract termination date.

Belvaraphenib is an oral targeted anticancer drug developed by HanmiPharm. HanmiPharm signed a technology transfer agreement with Genentech in September 2016, transferring global development and commercialization rights, excluding Korea. At the time, the deal was valued at up to $910 million, consisting of a non-refundable upfront payment of $80 million and milestone payments of up to $830 million tied to development, approval, and commercialization.

Genentech subsequently developed belvarapenib under the development code “RG6185,” but in 2024, it halted further patient enrollment and removed the drug from the development pipeline of its parent company, Roche. At the time, HanmiPharm stated that this did not constitute a termination of the contract or a return of rights, and announced that it would consult with Genentech on the future direction of clinical development.

Regarding this return of rights, HanmiPharm explained, “This is a contractual termination procedure for a matter that Genentech had already officially confirmed several years ago—that it would no longer pursue development—and was an anticipated development.”

HanmiPharm is continuing the development of belvarapenib in South Korea. The company is currently conducting a Phase 2 clinical trial in South Korea for this oral anticancer drug intended to treat melanoma, a malignant form of skin cancer. The company stated, “In the new drug development sector, the return of rights is not an end but an opportunity to create new innovations,” adding, “We will uphold HanmiPharm’s spirit of new drug development to the very end.”

Collaboration with Genentech on new drug development will also continue. Last August, HanmiPharm licensed “HM17321”—a candidate drug for obesity and metabolic disorders currently in development with the goal of reducing body fat while preserving muscle—to Genentech in a deal worth up to $2.3 billion. The company stated, “Based on the trust accumulated over a long period between the two companies, we will continue to take on challenges aimed at new innovations.”