Formosa Pharmaceuticals News
Formosa Pharmaceuticals and China Grand Pharmaceutical and Healthcare Holdings Limited enter into licensing agreement for APP13007
(Corticosteroid for inflammation and pain after cataract surgery)
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.
Formosa Pharmaceuticals, Inc.
About Formosa Pharmaceuticals:
Formosa Pharmaceuticals, a biotechnology company headquartered in Taipei, Taiwan, was founded in 2010 and has NTD $988 million (approx. USD $35.7 million) paid-in capital. Its therapeutic areas range from ophthalmology to oncology and anti-infectives. In addition to APP13007, Formosa Pharma is also developing TSY-0110, a biosimilar of the antibody-drug conjugate, Kadcyla®, for the treatment of metastatic breast cancer. Formosa’s proprietary nanoparticle formulation platform, from which APP13007 is derived, is available for co-development of novel formulations of drugs which suffer from poor dissolution and bioavailability. Formosa Pharma is led by Dr. Chen-Yu Cheng, Ph.D., Founder, Chairman, and President of both Formosa Laboratories and Formosa Pharmaceuticals, and Dr. Erick Co, Ph.D., Chief Executive Officer. Further details may be viewed at www.formosapharma.com.