04:59 AM EST, 12/13/2024 (MT Newswires) -- Hutchmed ( HCM ) said late Thursday it will receive a $10 million milestone payment through its partner Takeda (TAK) following a national reimbursement recommendation in Spain for Fruzaqla as a treatment for patients with metastatic colorectal cancer.

Hutchmed ( HCM ) said the recommendation was the first in Europe for the drug, also called fruquintinib.

Takeda retains the exclusive license to develop, commercialize and manufacture Fruzaqla outside mainland China, Hong Kong and Macau.