Hanmi Pharmaceutical announced in a regulatory filing on the 29th that it has been notified by Genentech of the termination and return of rights for the license agreement concerning the oral targeted anti-cancer drug 'Belvarafenib (HM95573).' Regarding the termination, Hanmi Pharmaceutical does not intend to return the US$80 million (US$80,000,000) down payment it has already received.

Contract Signed in 2016... Termination Notified After 10 Years

According to Hanmi Pharmaceutical, the company signed a license agreement with Genentech for Belvarafenib on September 28, 2016. Approximately 10 years after the contract was signed, on September 29, 2026, the company received notification from Genentech of the termination of the contract and the return of rights.

The termination will take effect 90 days from the date of notification, making December 27 the contract termination date.

"The US$80 Million Down Payment Received Will Not Be Returned"

Hanmi Pharmaceutical stated that, in connection with the contract termination, it will not return the US$80 million down payment it has already received from Genentech.

Additionally, the two companies plan to cooperate closely to ensure the smooth transfer of responsibilities and rights for Belvarafenib by the contract termination date of December 27.