Baker McKenzie advises Novaliq in all legal aspects of the license agreement
Novaliq GmbH, a German pharmaceutical company focusing on ocular therapeutics, and Jiangsu Hengrui Medicine Co., Ltd., a fully integrated biopharmaceutical company based in China, announced the closing of an exclusive license agreement to develop, manufacture, and commercialize the innovative, water-free drugs NOV03 and CyclASol® for the treatment of dry eye disease in People’s Republic of China.
Under the terms of the agreement, Novaliq is eligible to receive an upfront payment of up to USD 9 million and up to USD 156 million in milestone payments linked to pre-defined development, regulatory and commercialization objectives. In addition, Jiangsu Hengrui Medicine will be obligated to pay Novaliq tiered percentage royalties on net sales of NOV03 and CyclASol® in China. Thus, Jiangsu Hengrui Medicine secures exclusive rights to develop, manufacture, and commercialize both drugs in China. Jiangsu Hengrui Medicine will be responsible for all development, regulatory and commercialization activities and related expenses in the territory.
Novaliq is headquartered in Heidelberg, Germany and has an office in Cambridge, Massachusetts in the US. The long-term shareholder is dievini Hopp BioTech holding GmbH & Co. KG, an active investor in Life and Health Sciences companies.
Jiangsu Hengrui Medicine Co., Ltd. established in 1970, is a leading biopharmaceutical company based in China with annual net sales of about USD 2.5 billion in 2018. Hengrui has more than 140 clinical trials ongoing worldwide and an in-house sales force covering more than 18,000 hospitals in China.
Baker McKenzie acted as lead counsel to Novaliq and provided comprehensive advice in all legal aspects of the license agreement. The Baker McKenzie team comprised Constanze Ulmer-Eilfort, Julia Schieber, Nancy Lai, Isabella Liu, Ren Jun Lim and Natalie Huang.