TAIPEI – June 3, 2021 – Formosa Pharmaceuticals (“Formosa”, stock code:6838), a subsidiary of Formosa Laboratories (TWSE stock code:4746), and China Grand Pharma (“Grand”, HKG stock code:00512) announce that they have entered into an exclusive licensing agreement for the development and commercialization of Formosa’s APP13007 in the territory defined by Mainland China, Hong Kong, and Macau. APP13007, derived from Formosa’s proprietary nanoparticle formulation platform, is a novel ophthalmic application of one of the most potent known corticosteroids for the treatment of inflammation and pain after cataract surgery. APP13007 recently commenced Phase 3 trials across nearly 60 sites across the United States and is targeting first approval in late 2023.
According to terms of the agreement, Grand will develop and seek regulatory approval for APP13007 in the territory, followed by launch and commercialization. Formosa will receive a combination of upfront payment, regulatory and sales milestones, and royalties based on future net sales of APP13007 in the territory.
“We are pleased and privileged to enter this collaboration with China Grand Pharmaceuticals. With their expertise in ophthalmology and prominence in the Mainland China market, we are certain to provide this novel therapy to a sizable segment of the millions of cataract patients annually in China. This agreement further validates our proprietary APNT formulation platform and will allow us to imagine and develop new therapies based on drugs that otherwise may not succeed due to poor dissolution and bioavailability.” said Dr. Erick Co, Ph.D., Chief Executive Officer of Formosa Pharmaceuticals.
