Under the terms of the agreement, Nitten is responsible for securing regulatory approval and has exclusive rights to commercialize AzaSite for ocular bacterial infection in Japan and Taiwan. Nitten will pay InSite $1 million upon the execution of the licensing agreement, followed by milestone payments of $1 million upon the first regulatory submission and $1 million upon the first regulatory approval.
After approval, Nitten will also pay a double-digit royalty on net sales of AzaSite in Japan and on net royalties from Taiwan, where Nitten intends to use a partner to commercialize AzaSite. InSite Vision will initially be responsible for manufacturing AzaSite. InSite Vision is seeking additional international partners for commercialization and distribution of AzaSite outside of North America.
According to InSite Vision, AzaSite contains a broad-spectrum antibiotic formulated with the company’s patented DuraSite drug delivery vehicle to enhance the retention time of the antibiotic on the surface of the eye. AzaSite offers the benefit of a less frequent and more convenient dosing regimen in a safe and effective therapy for the treatment of bacterial eye infections.
Louis Drapeau, CEO of InSite Vision, said: “Nitten has a track record of success in marketing both branded and generic ophthalmic products and is well-positioned to be our commercial partner for AzaSite in Japan and Taiwan. As we expand our international partnerships to bring AzaSite to patients globally, Nitten represents the type of established market leadership and commercial expertise necessary to assure commercial success for AzaSite.”