(Yicai Global) Sept. 14 -- Haisco Pharmaceutical Group will pay as much as USD150 million for the right to develop and exclusively commercialize lorecivivint, a new orthopedic drug from US firm Biosplice Therapeutics, in the Chinese mainland.
The fee includes a down payment of USD20 million, milestone payments for drug registration and commercialization after the treatment is approved for marketing in China, as well as royalties for drug sales, the drugmaker said last night.
Lorecivivint treats knee osteoarthritis and could be the first therapy to offer substantial improvement in knee pain and function in recent years, the firm said, adding that the drug is Phase 3 clinical trials in the US.
There are 120 million patients with symptoms of knee osteoarthritis in China, Haisco said, citing research data. The introduction of lorecivivint into China will not only provide patients with new treatment options, but also help enhance the company’s brand influence, it said.
After gaining as much as 3.4 percent in the morning, Haisco’s shares [SHE:002653] closed 1.4 percent lower today at CNY17.96 (USD2.78).
Biosplice Therapeutics is a clinical-stage biotech company that develops therapeutics based on alternative pre-mRNA splicing for major diseases.
Editor: Tom Litting