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ABVC BioPharma reaches global licensing deal for ophthalmology pipeline
The company announced it has entered into a global licensing agreement with ForSeeCon Eye Corp. for the company's ophthalmology pipeline, which includes the medical device Vitargus.
(Image Credit: AdobeStock/Tn)
ABVC BioPharma announced the company and its subsidiary BioFirst Corp entered into a global licensing agreement with ForSeeCon Eye Corp (FEYE) for the company's ophthalmology pipeline, which includes the medical device Vitargus.
According to a news release, Vitargus is valued at $187 million by a third-party valuer. The license will cover the Licensed Products' clinical trial, registration, manufacturing, supply, and distribution rights.1
Uttam Patil, CEO of ABVC, said in the news release the company believes the deal will make its products available to more patients undergoing the vitrectomy procedure.
“This partnership underscores our commitment to providing patients with a better quality of life during and after the procedure," Patil said in the news release.
Patil added that through this collaboration, ABVC has secured the distribution rights to a wide range of eye products from ForSeeCon, which he said he believes will provide a new avenue for revenue generation with access to an even broader audience.
With the licensing agreement in place, ABVC will continue to serve as the R&D partner of ForSeeCon to discover new pipelines for ophthalmic products. From better vitreous substitutes to various eyecare products, our platform remains dedicated to showcasing the best eyecare we can offer.
ABVC will receive the first licensing payment of US$30,000,000 (cash/shares) within 30 days after executing the agreement. ABVC is entitled to another milestone payment of $3,500,000 in cash after the first useful fundraise and royalties of 5% of net sales, up to $60,000,000, after the launch of the Licensed Product. BioFirst is entitled to the same licensing fees and royalties as ABVC.1
Jerry Chang, CEO of ForSeeCon Eye said his company is pleased to work on Vitargus, representing its commitment to innovation.
“This product is a game-changer, and I'm confident it will exceed our customers' expectations,” he said in the news release.
Chang added that the therapeutic could set a new standard.
“We certainly believe that with the launch of this product, we're not just introducing a new item to the market; we're reshaping it,” he said. “Its unique features and capabilities will revolutionize how our customers engage with ForSeeCon and elevate their overall experience," he added.
According to iHealthcare Analyst, Inc., the global market for retinal surgery devices is expected to reach $4.3 billion by 2029, at a CAGR of 7.7%, driven partly by the rising geriatric population worldwide.2
