On December 13, GLONGHUI Pharmaceuticals (00013.HK) announced that it will receive a milestone payment of $10 million from partner Takeda (TSE: 4502/NYSE: TAK). Takeda obtained a recommendation from FRUZAQLA in Spain in December 2024 to be covered by public health insurance for the treatment of patients with treated metastatic colorectal cancer. This is the first recommendation obtained in Europe to be covered by public health insurance. Colorectal cancer is the second leading cause of cancer-related deaths in Europe. FRUZAQLA obtained European Commission (“EC”) approval in the European Union in June 2024. Takeda has exclusive global licenses to further develop, commercialize, and manufacture fruquintinib outside of mainland China, Hong Kong, and Macau, China.
Dr. Su Weiguo, CEO and Chief Scientific Officer of Chi-Wong Pharmaceuticals, said, “We are very happy with our partner Takeda and patients in Spain who are now able to access this innovative treatment through health insurance. It is also an important step towards improving patient accessibility more broadly in Europe. This not only bears witness to our continued collaboration with Takeda, but also underscores our shared commitment to address the needs of patients with metastatic colorectal cancer.”
