Haichuang Pharmaceutical and Evommune Reach Overseas Licensing Collaboration for VAV1 Molecular Glue Degrader

Hinova Pharmaceuticals and Evommune, Inc., a U.S. biopharmaceutical company, today jointly announced that the two parties have entered into an exclusive licensing agreement for HP570, a potent, highly selective oral VAV1 molecular glue degrader with best-in-class potential independently developed by Hinova Pharmaceuticals leveraging its targeted protein degradation technology platform. Under the agreement, Hinova Pharmaceuticals has granted Evommune exclusive rights to develop, manufacture and commercialize HP570 worldwide outside Greater China. Evommune will pay Hinova Pharmaceuticals an upfront payment totaling US$30 million; Hinova Pharmaceuticals is also entitled to receive potential development, regulatory and commercialization milestone payments of up to approximately US$1.07 billion, as well as tiered royalties based on net sales in the licensed territory. In addition, under the circumstances stipulated in the agreement, Hinova Pharmaceuticals will be entitled to additional sublicense sharing.