Company: HMDCF
Filing Date: 2025-03-19
Form Type: 20-F
Source: 0001410578-25-000377
Chunk: 675

Company: HUTCHMED (China) Ltd
Filing Date: 2025-03-19
Form: 20-F
Item: Item 16K
Chunk 675
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Later than 4 years 3,965 4,921
98,503 127,119
(d) As at January 1, 2024, deferred revenue was US$ 127.1 million, of which US$ 42.1 million was recognized during the year ended December 31, 2024.

F-37

Table of Contents

License and collaboration agreement with Takeda Pharmaceuticals
On January 23, 2023, the Group and Takeda Pharmaceuticals International AG (“ Takeda”) entered into an exclusive out-licensing agreement (the“ Takeda Agreement”) in territories outside of Mainland China, Hong Kong and Macau (the“ Territory”) to further the global development, commercialization and manufacturing of Fruzaqla, also known as fruquintinib, a targeted oncology therapy for the treatment of various types of solid tumors. Under the terms of the Takeda Agreement, the Group is entitled to receive a series of payments up to US$ 1.13 billion, including upfront, regulatory, development and commercial sales milestone payments, plus royalties on net sales in the Territory. Fruzaqla was successfully approved for commercialization in the US in November 2023, which triggered a regulatory approval milestone of US$ 35 million. For the year ended December 31, 2024, Takeda has delivered over US$ 200 million in net sales of Fruzaqla, which triggered a commercial sales milestone of US$ 20 million. Following the regulatory and first pricing approval of Fruzaqla in Japan in November 2024 and the regulatory approval and the first national reimbursement recommendation in Europe in December 2024, regulatory approval milestone payments of US$ 5 million and US$ 10 million were triggered respectively.
Upfront and cumulative milestone payments according to the Takeda Agreement achieved up to December 31, 2024 are summarized as follows:
(in US$ ’ 000)
Upfront payment 400,000
Regulatory approval milestone payments achieved 50,000
Commercial sales milestone payment achieved 20,000
Note: As of December 31, 2024, US$ 310.9 million of the upfront payment, US$ 49.2 million of the regulatory approval milestone payments and US$ 20.0 million of the commercial sales milestone payment were recognized as revenue, including US$ 30.9 million, US$ 17.2 million and