On November 17, 2020 Foresee Pharmaceuticals (6576.TWO) ("Foresee")reported that it has entered into an exclusive license agreement with GenScience Pharmaceuticals ("GenSci") – a wholly-owned subsidiary of Changchun High-Tech Industry (Group) Co., Ltd. (000661.SZ) – for the commercialization of Foresee’s novel FP-001 program, Leuprolide Mesylate Injectable Suspension (LMIS) ready-to-use subcutaneous 6-month and 3-month depot formulations ("Camcevi") (Press release, Foresee Pharmaceuticals, NOV 17, 2020, View Source [SID1234571308]). The license agreement will cover the China market.
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Under the terms of this partnership, Foresee, a Taiwan and US-based biopharmaceutical company, will receive 8 million US dollars upfront, and a combination of regulatory milestones, technology transfer milestones, and commercialization milestones payments totalling up to 123.85 million US dollars in addition to a share of the product revenue in the territory. GenSci will cover all costs of development, registration, and commercialisation in the territory.
"GenSci has an impressive record developing and commercializing hormonal therapeutics in the China market and possesses extensive experience, expertise and infrastructure in R&D, regulatory affairs, manufacturing and commercialization," said Dr. Ben Chien, Founder and Chairman of Foresee. "Camcevi 6-month depot is currently under review process by the FDA and EMA, and will soon be followed by Camcevi 3-month depot. This important collaboration with GenSci will allow us to aggressively move forward phase III registration studies, registration, and commercialization of Camcevi in China. We are highly confident in Camcevi’s potential in the China market, and see this as the foundation to a potentially broader partnership with GenSci in the future, related to Foresee’s SIF technology and related programs."
Dr. Lei Jin, CEO of GenSci said, "GenSci is very committed to bringing complex, added value products to the China market, improving the standard of care and ultimately the lives of patients. We are very pleased to have established a partnership with Foresee and look forward to a successful registration and launch of the FP-001 franchise in China. The products will provide meaningful advantages and benefits to patients and all medical practice stakeholders."