Hutchmed (China) Ltd on Thursday announced that the Tokyo-based drug maker, Takeda Pharmaceutical Co Ltd, has received US approval of fruquintinib for a form of colorectal cancer.

Hutchmed, a Hong Kong-based developer of treatments for cancer and immunological diseases, said the approval from the US Food & Drug Administration triggers a first milestone payment from Takeda of $35 million to Hutchmed, as well as royalties on net sales. Fruquintinib, also known as Fruzaqla, is developed and marketed in China by Hutchmed.

The approval is for the treatment of previously treated metastatic colorectal cancer.

Hutchmed Chief Executive Officer and Chief Scientific Officer Weiguo Su said: ‘This is a landmark moment for metastatic colorectal cancer patients in the US, who will soon have a much-needed new treatment option that improves survival rates without negatively impacting their quality of life.’

Hutchmed shares fell 3.3% to 307.87 pence each on Thursday morning in London.

Copyright 2023 Alliance News Ltd. All Rights Reserved.