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news.InSite Vision has signed a licensing and distribution agreement with Essex Bio-Technology, a biopharmaceutical drug development and marketing company in the People's Republic of China, for InSite's AzaSite 1%.
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Under the terms of the agreement, InSite grants exclusive rights to Essex to commercialize AzaSite for ocular bacterial infection throughout the People’s Republic of China. Essex will also be responsible for securing and funding regulatory approval of AzaSite in China.
In exchange, Essex will pay InSite up-front fees and provide a sliding royalty percentage up to double-digits on sales of AzaSite upon approval by regulatory authorities. InSite Vision will be responsible for providing manufactured product.
Kumar Chandrasekaran, chairman and CEO of InSite, said: “We are pleased to add Essex Bio-Technology to our international licensees and distributors. Essex has been an important participant in building the growing ophthalmic market in China to be the third largest ocular anti-infective market in the world behind only the US and Japan.”