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

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Oyster Point Inks License Pact With Ji Xing Pharma For Dry Eye Disease Candidates In Greater China
  • Oyster Point Pharma Inc (NASDAQ: 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.
 

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Posted-In: Briefs dry eye diseaseBiotech News Health Care Contracts Small Cap General

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