Ocugen, Inc. announced the signing of a binding term sheet to negotiate and enter into a licensing agreement with a well-established leader in the pharmaceutical and healthcare sector in Korea, for exclusive Korean rights to OCU400--Ocugen's novel modifier gene therapy for retinitis pigmentosa (RP). Pursuant to the term sheet, under the license agreement Ocugen will receive upfront license fees and near-term development milestones equaling up to $11 million. The Company will be entitled to sales milestones of $1 million for every $15 million of net sales in Korea in addition to a royalty of 25% on net sales of OCU400 generated by Ocugen's partner.
Additionally, Ocugen will manufacture commercial supply of OCU400 under terms of a supply agreement. There are an estimated 15,000 individuals in the Republic of Korea with RP. OCU400 provides the opportunity for partner to help thousands of patients and become a leader in gene therapy in Korea.
