HUTCHMED (China) Limited (“HUTCHMED”) (Nasdaq/AIM:​HCM, HKEX:​13) today announces that its subsidiary, HUTCHMED Limited, has entered into an exclusive license agreement with a subsidiary of Takeda Pharmaceutical Company Limited (TSE:4502, NYSE:TAK) to further the global development, commercialization and manufacture of fruquintinib outside of mainland China, Hong Kong and Macau, where it is marketed by HUTCHMED. HUTCHMED Limited will receive up to US$1.13 billion including US$400 million upfront on closing as well as potential regulatory, development and commercial sales milestone payments, plus royalties on net sales.

Fruquintinib is a highly selective and potent inhibitor of vascular endothelial growth factor receptors (“VEGFR”) -1, -2 and -3. Fruquintinib is orally administered and has the potential to be used across subtypes of metastatic colorectal cancer (“CRC”), regardless of biomarker status. Positive results of FRESCO-2, the global Phase III multi-regional clinical trial of fruquintinib in refractory metastatic colorectal cancer (“CRC”), were presented at the European Society for Medical Oncology Congress (“ESMO”) in September 2022. FRESCO-2 met its primary endpoint of improving overall survival (“OS”) in patients with metastatic CRC and was generally well tolerated.