London: Tuesday, 23 December 2008: Hutchison MediPharma Limited (“Hutchison MediPharma”) today announced that it has entered into an agreement providing for a worldwide strategic alliance with Ortho-McNeil-Janssen Pharmaceuticals, Inc. (“OMJPI”) to discover and develop novel small-molecule therapeutics against a target in the area of inflammation/immunology (the “Agreement”).
Under the Agreement, Hutchison MediPharma will continue its discovery activities against the target. In addition, unless OMJPI opts to do so, Hutchison MediPharma may conduct clinical development of drug compounds from the discovery programme through the demonstration of clinical proof- of- concept. If at that time or earlier OMJPI opts to take over development, OMJPI will have exclusive rights to develop and commercialize drug compounds from Hutchison MediPharma’s programme.
Hutchison MediPharma will receive from OMJPI an up-front payment upon execution of the Agreement and milestone payments upon its achievement of specific development and approval events. In addition Hutchison MediPharma will be entitled to royalties on OMJPI’s worldwide sales of any products from the programme and to an option to co-promote the products in China, including Hong Kong and Macau.
Dr. Samantha Du, Chief Scientific Officer for Chi-Med and CEO of Hutchison MediPharma, commented: “OMJPI is a prominent leader in developing and commercializing products that treat inflammation and we are excited to be working with them. We are excited that we have the opportunity to demonstrate to OMJPI the quality of our research in this field. In addition, this alliance provides important additional funding and the opportunity for OMJPI to contribute significant know-how in furtherance of the programme. We look forward to a long-term successful partnership with OMJPI to develop and deliver innovative drugs to meet important patient needs in the global market.”