Haisco Pharma Buys Into US New Drug Startup for USD6 Million
Tang Shihua
DATE:  Apr 03 2019
/ SOURCE:  yicai
Haisco Pharma Buys Into US New Drug Startup for USD6 Million Haisco Pharma Buys Into US New Drug Startup for USD6 Million

(Yicai Global) April 2 -- Sichuan Haisco Pharmaceutical will spend USD6 million to buy into US-based new drug development startup eXithera Pharmaceuticals and gain the exclusive rights in China for a new anticoagulant it is developing. 

Haisco has penned a share purchase and exclusive license agreements with Westborough, Massachusetts-based eXithera, Haisco's parent Haisco Pharmaceutical Group said in a statement yesterday. 

The company will buy 2,787,068 newly issued eXithera common shares to hold 12.5 percent and become the target's third-largest shareholder, per the statement. Haisco will not seek a seat on the target firm's board or participate in its daily management. 

 The Chengdu-based firm will assume development, trials, registration and production in China, and pay future royalties to eXithera, which is a unit of the Israeli Clal Biotechnology Industries. The Chinese firm earlier invested in several other Israel-based medical device companies, including Endospan, MST and Sensible, life sciences news and market analytics firm ChinaBio Group reported on its website. 

Haisco's exclusive license to EP-7041 will enable it to engage in clinical research, registration and applications, as well as production and sales in China. 

The company will give 8 percent of the new drug's sales in the Chinese market to eXithera as patent royalties over the next decade or until the patents expire, per the statement. 

The drug treats thromboembolism, and no similar ones have been approved in China, the statement said. 

The new medication is expected to have the lowest risk of bleeding in the anticoagulant market. It is highly likely it will replace existing treatments to become the mainstream anticoagulant and antithrombotic medicine with promising sales prospects once it successfully launches. 

It has completed Phase I clinical trials in Australia and will also apply in the US, the statement added. 

Editor: Ben Armour

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Keywords:   Antithrombosis Medicine,Exclusive License Agreement,eXithera Pharmaceuticals,Haisco Pharmaceuticals