HUTCHMED's shares soared as much as 14% in afternoon trading on Tuesday, reaching HK$21.62, after the company announced a major out-licensing agreement. The deal grants GSK exclusive worldwide rights, excluding mainland China, Hong Kong, Macau and Taiwan, to develop and commercialize HMPL-A830, a first-in-class KRAS-EGFR antibody-targeted conjugate, marking the inaugural out-licensing of a candidate from HUTCHMED's ATTC platform.
Under the terms of the agreement, HUTCHMED will receive an upfront payment of $110 million, with the potential to earn up to $1.185 billion in development, regulatory and commercial milestone payments. The total transaction value could reach $1.295 billion, along with tiered royalties based on annual net sales. The deal is subject to customary closing conditions, including antitrust review. Additionally, GSK has secured a right of first negotiation for another earlier-stage ATTC candidate from HUTCHMED, while HUTCHMED retains full rights to develop and commercialize HMPL-A830 in Greater China.
HMPL-A830 is a novel antibody-targeted conjugate that combines a highly selective small-molecule KRAS inhibitor with an anti-EGFR antibody. Unlike traditional toxin-based ADCs, this drug leverages antibody-mediated delivery to transport the KRAS inhibitor directly to EGFR-expressing tumors, simultaneously blocking both the EGFR and KRAS oncogenic pathways. This dual approach aims to enhance anti-tumor efficacy, prolong response duration, and reduce the risk of off-target toxicity associated with systemic administration.
KRAS mutations are a key driver in solid tumors, occurring in approximately 44% of colorectal cancer cases, 34% of lung adenocarcinoma cases, and 89% of pancreatic ductal adenocarcinoma cases. Existing KRAS-targeted therapies have notable limitations, including a lack of treatment options for patients with non-G12C mutations, as well as unresolved issues of drug resistance and systemic toxicity. As EGFR is a critical upstream receptor of KRAS, its upregulation is a significant contributor to resistance to KRAS inhibitors, providing a strong scientific rationale for dual-targeting both pathways. The clinical development of HMPL-A830 will prioritize three major indications: colorectal cancer, pancreatic cancer, and lung cancer.
Under the collaboration framework, HUTCHMED's subsidiary, Hutchison Shanghai, will lead the global Phase I clinical program, with trial enrollment expected to begin in the second half of 2026 under the registration number NCT07718581. Following the Phase I stage, GSK will assume responsibility for all subsequent clinical development and commercialization activities for HMPL-A830 outside Greater China.
The ATTC platform represents HUTCHMED's next-generation approach to precision oncology therapeutics, combining monoclonal antibodies with proprietary small-molecule inhibitor payloads to achieve synergistic dual action. In preclinical studies, these candidates have demonstrated superior anti-tumor activity and tolerability compared to either antibody or small-molecule inhibitor monotherapy, and also hold potential for combination with chemotherapy and immunotherapy. The platform has already advanced two candidates, HMPL-A251 and HMPL-A580, into clinical development, with HMPL-A830 being the third molecule from the platform and its first to be out-licensed for global development.