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January 2023 Top Biopharma Deal: Hutchmed – Takeda for cancer drug fruquintinib

Feb 4, 2023 | Deal of the Month, Partnership Deals

January 2023 Top Biopharma Deal Upfront
Hutchmed development and commercialization deal with Takeda for fruquintinib

Highlighted Deal Financial Comps

Date Announced:

January 23, 2023

Total Deal Value:


Upfront Cash:


Upfront Equity:


Option Payments:


Total Milestones:

$730M dev. and sales milestones


Undisclosed royalties

Cost & Profit Split:


Deal Synopsis

The Asset:

Hutchmed’s fruquintinib, an oral vascular endothelial growth factor receptors 1/2/3 tyrosine kinase inhibitor (VEGFR 1/2/3)

Deal Structure:

Development and Com License

Partnership Features:

License Hand-Off

Deal Details:

  • Hutchmed granted Takeda exclusive, worldwide rights excluding China, Hong Kong, and Macau to develop and commercialize Hutchmed’s fruquintinib, an oral vascular endothelial growth factor receptors 1/2/3 tyrosine kinase inhibitor for the treatment of refractory metastatic colorectal cancer (CRC).

  • Takeda will be solely responsible for the worldwide development and commercialization of fruquintinib, excluding mainland China, Hong Kong, and Macau.

  • Hutchmed will receive $400M up front and is eligible for up to $730M in development, regulatory, and commercial milestones, plus royalties.

Last Month:

Congrats to Hutchmed and Takeda for landing DealForma’s January 2023 Top Biopharma Deal. Last month’s Deal of the Month was Akeso – Summit for cancer drug ivonescimab. Read about it here.

DealForma’s Deal of the Month selection is based on the largest disclosed upfront cash and equity total in partnership deals involving R&D as announced in the month prior to this article. Data for this analysis was compiled using the DealForma biopharma deals database. All data are based on publicly disclosed figures and deal terms.

We invite you to answer interesting questions on biopharma business development and licensing using our data and carefully curated profiles on deals, pipelines, companies, funding, and business executives by visiting to schedule your personalized demo.


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