As part of its shift to expanding globally through partnerships, Hutchmed in early 2023 signed a landmark licensing agreement with Japan's Takeda Pharmaceutical (4502.T; TAK.US) to further develop its drug fruquintinib outside of China, Hong Kong and Macau. It said the agreement could potentially generate up to $1.13 billion. Fruquintinib is a highly selective and potent inhibitor of vascular endothelial growth factor receptors, suitable for use across various subtypes of metastatic colorectal cancer.