Hanmi falls after J&J halts enrollment in diabetes trial
Hanmi Pharmaceutical Co. Ltd. (KOSDAQ:128940) lost W37,500 (11%) to W311,000 on Wednesday as investors digested news that enrollment had been suspended in a Phase I trial of JNJ-64565111 (HM12525A) to treat Type II diabetes, according to an update on the study's ClinicalTrials.gov entry. The Janssen Biotech Inc. unit of Johnson & Johnson (NYSE:JNJ), which shares rights to the candidate with Hanmi, did not respond to inquiries about the suspension.
In November 2015, J&J obtained exclusive rights outside China and Korea to JNJ-64565111 from Hanmi under a deal covering oxyntomodulin-based therapies. Hanmi received $105 million up front in the deal, and is eligible for up to $810 million in milestones, plus tiered double-digit royalties (see BioCentury, Feb. 8)...