Shanghai: Wednesday, August 19, 2015: HMP today announces that it has received notice from Janssen Pharmaceutical, Inc. (“Janssen”) of Janssen’s decision to terminate the Restated Research and Development Alliance Agreement dated June 7, 2010 (the “Agreement”) relating to HMPL-507.
The almost seven year alliance, which began in 2008, was amended in 2010 to refocus the target of the research on developing small molecule therapeutics against a specific novel molecular target in the area of inflammation/immunology. During this time, Janssen paid HMP an aggregate of approximately US$13 million in upfront and milestone payments and service fees and costs, which enabled both parties to generate substantial intellectual property, understanding and know-how relating to compounds in this designated area.
Janssen, at its sole discretion, has decided not to proceed with either HMPL-507 or any of the backup compounds developed under the Agreement.
The scientific view of HMP is that the specific molecular target represents a potential opportunity for targeted therapies in inflammation/immunology and possibly oncology and the compounds developed are of high quality and merit further development. HMP intends, in due course, and subject to final regulatory toxicity testing results, to independently commence clinical study.
HMP and Janssen will continue to work together on projects in other contexts.