Oyster Point Inks License Pact With Ji Xing Pharma For Dry Eye Disease Candidates In Greater China

Oyster Point Pharma Inc OYST has announced an exclusive license and collaboration agreement with Ji Xing Pharmaceuticals to develop and commercialize OC-01 (varenicline) and OC-02 (simpinicline) nasal sprays for dry eye disease in Greater China.
Under the agreement terms, Oyster Point will receive an upfront payment consisting of $17.5 million in cash and up to 0.75% of shares in Ji Xing, half of which is subject to a pre-specified vesting condition.
In addition, Oyster Point is eligible to receive up to $204.8 million in milestone payments and tiered sales-based royalties.
Ji Xing intends to manufacture OC-01 and OC-02 locally in China and is responsible for development and commercialization costs in its licensed territory.
Oyster Point entered into a $125 million term loan credit facility with OrbiMed Royalty & Credit Opportunities.
As of June 30, 2021, cash and cash equivalents were $154.8 million.
Price Action: OYST shares are -0.35% at $14.40 during the market session on the last check Friday.