▪ HUTCHMED has announced a strategic collaboration with Epizyme (NASDAQ: EPZM) to develop and commercialise Tazverik (tazemetostat) for the Greater China area. HUTCHMED will pay Epizyme $25m upfront, up to $110m in clinical and regulatory milestones (across up to eight oncology indications), and up to $175m in commercialisation milestones. Royalties on net sales in Greater China (mainland China, Hong Kong, Macau, and Taiwan) are tiered, ranging from a midteens to low-twenties percentage. HUTCHMED also receives a four-year warrant to acquire up to $65m of Epizyme shares at $11.50/share. The upfront and early milestone payments will come from existing cash resources, with later milestones expected to be paid out of future cash flows (including Tazverik’s). ▪ Tazverik (tazemetostat) is a highly selective methyltransferase inhibitor of EZH2, a key regulator of cancer initiation and progression, including drug resistance and immune evasion. It was FDA approved under accelerated approval for metastatic or locally advanced epithelioid sarcoma (ES) and relapsed/refractory follicular lymphoma (FL) with the relevant EZH2 mutation. The mode of action makes it particularly attractive as part of potential therapy combinations. Epizyme is developing Tazverik across four areas including lymphomas and B-cell malignancies, mutationally defined tumours, treatment-resistant tumours, and in augmenting response to immunotherapy. ▪ HUTCHMED will undertake the necessary clinical trials to file for approval of tazemetostat for ES, FL, and diffuse large b-cell lymphoma (DLBCL) in Greater China. It will conduct the China element of the EZH-302 global registration R2 (Revlimid and rituximab) combination trial in second-line FL. HUTCHMED will also conduct and fund further studies in Greater China and participate in the relevant elements of any global trial programmes. HUTCHMED will manufacture and commercialise Tazverik through its newly constructed production facilities and expanding China Oncology sales team.