Neovacs has signed with BioSense Global a commercial license option agreement for its IFNalpha Kinoid vaccine to treat lupus and dermatomyositis in China, worth up to €65 million in upfront and milestone payments, not including double-digit sales royalties.
According to agreement, BioSense will fund a Phase III clinical trial for IFNalpha Kinoid in China and will submit for the regulatory approval in the related regions. Also, BioSense will pay for the development and regulatory-related initiatives. Both companies will work together work on designing and executing next stage clinical development strategy in China and all other regions, Neovacs said in its press release on Tuesday.
Upon successful completion of Neovacs` ongoing Phase IIb trial for IFNalpha Kinoid in Lupus (SLE), BioSense will receive commercial rights for IFNalpha Kinoid in both indications Lupus and Dermatomysitis for China and selected territories: Macao, Hong Kong, Taiwan and Singapore.
Neovacs retains rights for other regions, except the previously partnered South Korean market. BioSense also receives first right of refusal in the agreed upon Asian markets for any further IFNalpha Kinoid indications, including Type 1 Diabetes. The company didn’t say anything about any additional terms.