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Full Deal Summary

Sanofi licensed exclusive global rights to three of Hanmi Pharmaceutical Co. Ltd. diabetes candidates which together make up the company's Quantum Project.

Sanofi paid €400mm ($434.7mm) up front and committed to up to €3.5bn in development, registration, and sales milestones, plus double-digit royalties. Hanmi retains an exclusive option to co-promote in China and Korea. The deal includes Hanmi's efpeglenatide, a long-acting glucagon-like peptide-1 (GLP-1) receptor agonist in Phase II for Type II diabetes and obesity; a weekly insulin (HM12470) in Phase I; and a preclinical GLP-1/insulin combination. All three compounds are based on Hanmi's Lapscovery (Long-Acting Protein/Peptide Discovery) platform, which focuses on prolonging the duration of action of biologics while at the same time reducing dose frequencies and amounts. The deal adds depth to Sanofi's diabetes franchise, which the company admits is slowing following a drop in sales (and loss of patent protection) for its once-best-selling insulin Lantus. Shortly after announcing the Hanmi transaction, the Big Pharma also released details on another diabetes alliance, noting that it is paying $300mm up front (and up to $1.4bn in milestones plus royalties) for rights to Lexicon Pharmaceuticals' Phase III Type I/II diabetes candidate sotagliflozin.


Update 12/2016

The companies have amended the deal as Sanofi decides to put more focus on efpeglenatide development. Hanmi returned €196mm of the up-front payment, and total milestones have been reduced to €2.72bn. (The total potential deal value on the Strategic Transactions record remains at $4.2bn, as this was the value at the time the deal was signed. Individual financial transactions have been adjusted to reflect the amendment.) Sanofi is returning rights for the long-acting insulin, and is having Hanmi develop the GLP-1/insulin combination product until Sanofi can acquire it later. (Sanofi was originally going to lead development on the combo, but will now focus on completing development of efpeglenatide, and later take on the combination product).


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Financials


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Overview
Potential Deal Value $4,234.70mm
Upfront Total $332.00mm
Total Milestones (pre- and post-sales) $2,800.00mm
Transactions 1 of 2 (11/2015)
Funding Stage Upfront
Upfront (Cash) $332.00mm
Upfront (Total) $332.00mm
Royalty 10%
Royalty 99%
Transactions 2 of 2
Funding Stage MS Pre & Post Tot.
MS Pre & Post Tot. (Cash) $2,800.00mm
MS Pre & Post Tot. (Total) $2,800.00mm

Product Information


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Product 1 of 4
Product Type Pharmaceutical
Generic Name Efpeglenatide
Lab Code HM11260C
Mechanism of Action Glucagon-like peptide-1 (GLP-1) agonist
Highest Phase at Time of Deal Clinical Development
Phase II
Product Therapeutic Area(s) of Focus Metabolic Disorders
Diabetes
Type-2 Diabetes
Obesity
Licenser Name Hanmi Pharmaceutical Co. Ltd.
Clinical Developer Sanofi
Licensee Name Sanofi
Carveouts for Sanofi
Territories Licensed Worldwide (All) (Exclusive)

Product 2 of 4
Product Type Pharmaceutical
Generic Name Insulin
Lab Code HM12470
Highest Phase at Time of Deal Clinical Development
Phase I
Product Therapeutic Area(s) of Focus Metabolic Disorders
Diabetes
Licenser Name Hanmi Pharmaceutical Co. Ltd.
Clinical Developer Sanofi
Licensee Name Sanofi
Carveouts for Sanofi
Territories Licensed Worldwide (All) (Exclusive)

Product 3 of 4
Product Type Pharmaceutical
Generic Name Exendin/insulin
Mechanism of Action Glucagon-like peptide-1 (GLP-1) agonist
Highest Phase at Time of Deal Research
Preclinical
Product Therapeutic Area(s) of Focus Metabolic Disorders
Diabetes
Licenser Name Hanmi Pharmaceutical Co. Ltd.
Clinical Developer Sanofi
Licensee Name Sanofi
Carveouts for Sanofi
Territories Licensed Worldwide (All) (Exclusive)

Product 4 of 4
Product Type Technology
Brand Name Lapscovery