Under the terms of the agreement, InSite grants exclusive rights to Shin Poong to commercialize AzaSite (azithromycin ophthalmic solution) 1% for bacterial conjunctivitis treatment in Korea. Shin Poong will also be responsible for securing regulatory approval of AzaSite in Korea. In exchange, Shin Poong will pay InSite upfront and regulatory milestone payments and a double-digit royalty on net sales of AzaSite in Korea, if approved by regulatory authorities. InSite Vision will be responsible for providing manufactured product.
Kumar Chandrasekaran, president and CEO of InSite, said: “With Shin Poong’s experience and success in marketing in-licensed products in this rapidly growing Asian market, they are well-positioned to become InSite Vision’s commercial partner for AzaSite market development in Korea. As we build our international partner network for AzaSite products, Shin Poong represents the type of established market commitment and leadership necessary to assure commercial success for AzaSite in growing international markets.”