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ABVC BioPharma Entered into a Global Licensing Deal of Vitargus with Licensing Income of $33.5M and Royalties up to $60M
FREMONT, CA - (NewMediaWire) - March 26, 2024 - ABVC BioPharma, Inc. (NASDAQ: ABVC) ("Company"), a clinical-stage biopharmaceutical company developing
About this update from Abvc Biopharma, Inc.
[{"type":"text","content":"FREMONT, CA - (NewMediaWire) - March 26, 2024 - ABVC BioPharma, Inc. (NASDAQ: ABVC) (\"Company\"), a clinical-stage biopharmaceutical company developing therapeutic solutions in ophthalmology, CNS (central nervous systems), and oncology/hematology, announced today that each of the Company and its subsidiary BioFirst Corporation entered into a global licensing agreement with ForSeeCon Eye Corporation (FEYE) for the Company's Ophthalmology pipeline, which includes the medical device Vitargus(R) (valued at $187M, by third-party valuer) (the \"Licensed Products\"). This license will cover the Licensed Products' clinical trial, registration, manufacturing, supply, and distribution rights.\n\"We are thrilled to announce a new licensing deal that we believe will make our product available to more patients undergoing the tedious Vitrectomy procedure. This partnership underscores our commitment to providing patients with a better quality of life during and after the procedure,\" said Dr. Uttam Patil, ABVC's Chief Executive Officer. He added that through this exciting collaboration, ABVC has secured the distribution rights to a wide range of eye products from ForSeeCon, which he believes will provide a new avenue for revenue generation with access to an even broader audience. With this new licensing agreement in place, ABVC will continue to serve as the R&D partner of ForSeeCon to discover new pipelines for ophthalmic products. From better vitreous substitutes to various eyecare products, our platform remains dedicated to showcasing the best eyecare we can offer. ABVC will receive the first licensing payment of US$30,000,000 (cash/shares) within 30 days after executing the agreement. ABVC is entitled to another milestone payment of $3,500,000 in cash after the first useful fundraise and royalties of 5% of net sales, up to $60,000,000, after the launch of the Licensed Product. BioFirst is entitled to the same licensing fees and royalties as ABVC.\n\"I'm delighted to work on Vitargus(R), representing our commitment to innovation. This product is a game-changer, and I'm confident it will exceed our customers' expectations. I believe Vitargus(R) sets a new standard for excellence in our industry,\" said Jerry Chang, CEO of ForSeeCon Eye. \"We certainly believe that with the launch of this product, we're not just introducing a new item to the ...