Roche's Genentech has signed a deal with Korean firm Hanmi Pharmaceutical for exclusive global rights to its experimental cancer drug HM95573.  

Under the terms of the agreement, Genentech will obtain the rights, except in South Korea, to develop and commercialise the pan-RAF inhibitor, which is currently in Phase I clinical development. Hanmi will receive an initial upfront payment of $80 million. The company is also eligible to receive milestone payments totalling up to $830 million as well as tiered double-digit royalties on sales of certain products resulting from the license agreement. 

Full financial terms were not disclosed, but the companies indicated that the deal is expected to close in the fourth quarter of 2016.

"We are pleased to collaborate with Genentech, which has significant expertise in the field of oncology," said Dr. Gwan Sun Lee, CEO and president of Hanmi Pharmaceutical. "We are excited at the potential this license agreement with Genentech will bring to the development of HM95573 and the potential benefit this may offer to cancer patients worldwide."

James Sabry, senior VP and global head of Genentech Partnering, added that the company was "excited to partner with Hanmi and leverage their scientific insights to develop novel therapies that target the MAPK pathway".