Saturday, October 31, 2020
Ocular Therapeutix, Inc., a biopharmaceutical company focused on the formulation, development, and commercialization of innovative therapies for diseases and conditions of the eye, today announced a license agreement and a collaboration with AffaMed Therapeutics for the development and commercialization of DEXTENZA® and OTX-TIC in Greater China, South Korea, and the ASEAN markets. DEXTENZA is currently approved in the U.S. for the treatment of post-surgical ocular inflammation and pain and is being developed as a potential treatment for allergic conjunctivitis. OTX-TIC is in development for the reduction of elevated intraocular pressure in patients with primary open-angle glaucoma or ocular hypertension.
“We are very excited to enter into this collaboration with AffaMed Therapeutics, which allows us to expand the potential and geographic reach of DEXTENZA and OTX-TIC,” said Antony Mattessich, President and Chief Executive Officer of Ocular Therapeutix. “AffaMed shares our vision of developing and commercializing innovative ophthalmology products, and we look forward to leveraging their strength and reputation in Asia to bring our innovative therapies to these global markets.”
“Ocular Therapeutix is a leading ophthalmology company, and we are excited to enter into this partnership for the development and commercialization of both DEXTENZA and OTX-TIC,” said Dr. Dayao Zhao, Chief Executive Officer of AffaMed Therapeutics. “AffaMed’s strategy is to in-license best-in-class, highly differentiated ophthalmology products where there remains significant unmet needs.”
According to the global consulting firm IQVIA, the market for prescription ophthalmology products in China is sizeable, with $5 billion in annual sales and growth exceeding 16% per year.
Under the terms of the agreement, Ocular Therapeutix is entitled to receive an upfront payment of $12 million and is eligible to receive development, regulatory and commercial milestone payments and clinical development support payments of up to $91 million in the aggregate, as well as royalties from future product sales. Royalties are tiered and will range from the low teens to low twenty percent range. In return, Ocular Therapeutix has agreed to grant AffaMed exclusive rights to develop and commercialize DEXTENZA for the treatment of post-surgical inflammation and pain following ophthalmic surgery and ocular itching in patients with allergic conjunctivitis, and OTX-TIC for the reduction of elevated intraocular pressure in patients with primary open-angle glaucoma or ocular hypertension in Greater China, which includes mainland China, Hong Kong, Macau, and Taiwan; South Korea; and the ASEAN Countries (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam). Ocular Therapeutix retains the right to develop and commercialize DEXTENZA and OTX-TIC in all other global markets.