Evommune licenses Hinova autoimmune drug in up to $1.1 billion deal

Nov 4 (Reuters) - Evommune EVMN.N said on Wednesday it had licensed rights to an experimental autoimmune disease treatment from China's Hinova Pharmaceuticals 688302.SS in a deal worth up to about $1.1 billion in milestone payments.

Here are some details:

• Under the agreement, Evommune will gain rights outside Greater China to develop, manufacture and commercialize EVO570, an experimental oral drug designed to treat autoimmune diseases by targeting VAV1, a protein involved in activating immune cells

• The California-based drug developer will pay Hinova $30 million upfront, consisting of $20 million in cash and $10 million in pre-funded warrants to purchase Evommune stock

• Hinova will also be eligible for up to about $1.1 billion in development, regulatory and commercial milestone payments, as well as tiered royalties on future sales

• The deal expands Evommune's pipeline of treatments for chronic inflammatory diseases and gives it a potential entry into immunology research area focused on VAV1, an emerging target for autoimmune conditions

• The company plans to start a mid-stage study of the drug in rheumatoid arthritis in 2027

• Hinova, based in Chengdu, develops treatments for cancer, autoimmune and metabolic diseases and already markets a prostate cancer therapy in China