A takeover agreement between Hanmi Pharmaceutical and Aptose Biosciences is drawing attention in U.S. biotech circles, as a mid-sized South Korean drugmaker moves to secure a direct operating base in North America’s cancer drug market.
Hanmi Pharmaceutical, founded in 1973 and one of South Korea’s leading research-driven pharmaceutical companies, has built its global presence largely through licensing deals with multinational drugmakers. The company has historically monetized its pipeline by out-licensing assets rather than maintaining full overseas development operations. The proposed acquisition of Aptose marks a departure from that model, signaling a push to internalize research and clinical capabilities within the U.S. market.
Aptose, headquartered in Canada with clinical operations centered in North America, focuses on therapies for hematologic malignancies. The company has faced prolonged financial pressure amid a broader biotech funding downturn, including delisting-related uncertainty that weighed heavily on its valuation. Under the amended and restated agreement, Hanmi’s subsidiary HS North America will acquire Aptose at $1.76 per share, a price that triggered a sharp rally in the company’s stock.
At the center of the transaction is tuspetinib, an investigational therapy targeting acute myeloid leukemia and other blood cancers. Clinical data presented at the American Society of Hematology showed that a triple-combination regimen of tuspetinib with venetoclax and azacitidine achieved a 100% complete remission rate in a high-dose cohort of patients with relapsed or refractory leukemia. While larger trials will be required to confirm durability and safety, the data elevated the program’s profile within a competitive U.S. oncology landscape.
Hanmi first licensed tuspetinib to Aptose in 2021. As capital tightened across the biotech sector and development costs climbed, Aptose struggled to sustain funding. Hanmi provided multiple rounds of equity investment and financial support, effectively positioning itself as both partner and backstop investor before moving to full acquisition.
For the U.S. market, the deal reflects a broader trend of overseas pharmaceutical companies taking advantage of depressed biotech valuations to secure pipeline assets and embedded R&D infrastructure. By bringing Aptose in-house, Hanmi gains direct access to North American clinical trial networks, regulatory pathways and commercialization channels in the world’s largest oncology market.
The transaction underscores a strategic evolution for the Korean drugmaker. Rather than competing in the U.S. solely through licensing arrangements, Hanmi is seeking a permanent operating presence. If the acquisition closes and tuspetinib advances successfully through later-stage trials, the move could position the company as a more visible participant in the U.S. cancer therapeutics sector.
