Handa Pharmaceuticals announced yesterday (20th) that it has signed an exclusive sales authorization agreement for the U.S. market with Cycle Pharmaceuticals Ltd. (Cycle) for its blood cancer drug Phyrago (Dasatinib), which was previously acquired for $30 million USD (approximately NT$983 million). Handa will receive an upfront payment, milestone payments, and revenue sharing from U.S. sales after the product launches. The details of the contract are confidential as per the agreement between the parties. Market expectations suggest that Phyrago could be launched and sold in the U.S. as soon as this quarter, bringing new momentum to Handa.
Encouraged by this positive news, Handa's stock price surged by 8% in early trading today.
Phyrago is an improved version of Bristol-Myers Squibb's (BMS) SPRYCEL (Dasatinib), addressing the issue of SPRYCEL's incompatibility with acid-reducing agents. Phyrago can now be used in combination with certain acid-reducing agents, such as proton pump inhibitors (PPIs) and H2 blockers. According to BMS's 2024 annual report, SPRYCEL's global market sales in 2024 are projected to reach $1.286 billion USD, with $983 million USD from the U.S. market and $303 million USD from international markets.
Handa had previously stated that this improved drug is designed for leukemia patients who require the use of stomach acid inhibitors or who suffer from insufficient stomach acid. This group is estimated to account for more than 20% of patients. After acquiring the drug, several pharmaceutical companies expressed interest in distributing it, and Handa's internal goal is to quickly bring the product to market and recover its investment within two years.
On April 18, 2025, Handa's subsidiary, Handa Therapeutics, LLC, and Cycle signed the exclusive U.S. market sales authorization agreement for Phyrago. Cycle will be responsible for the exclusive sales of Phyrago in the U.S.
Under the agreement, Cycle will pay Handa Therapeutics, LLC an upfront payment and milestone payments. Additionally, Handa Therapeutics, LLC will receive revenue sharing based on a specified percentage after the product is sold in the U.S. market. The details of the contract remain confidential as agreed by both parties.
Phyrago is available in doses of 20mg, 50mg, 70mg, 80mg, 100mg, and 140mg, all of which have received final approval from the U.S. FDA for new drug applications. The product is now ready for sale in the U.S., pending Cycle's completion of pre-launch preparations.
Cycle is also Handa's commercial partner for the multiple sclerosis drug Tascenso ODT and has established a strong working relationship with Handa. According to Cycle’s official website, the company currently has seven products in continuous sales, with a 165% growth in EBITDA from 2022 to 2023. Cycle has stable cash flow to support the commercialization of its products and established sales channels for cancer treatments.
Resource: 漢達血癌藥Phyrago美國銷售再攜手Cycle，最快本季在美上市
