OcuMension acquires rights to Alcon eye drops in exchange for a 16.7% equity stake, signaling the commencement of comprehensive strategic relationship
SHANGHAI, Aug. 12, 2024 /PRNewswire/ -- On August 13th 2024, Ocumension Therapeutics ("OcuMension") announced an agreement with Alcon Inc. ("Alcon", and collectively with OcuMension, the "Parties") where OcuMension will acquire or secure commercialization rights in China to a portfolio of Alcon dry eye treatments and procedural drops, including several commercially available products and one development-stage product. The scope of the agreement will also cover areas of R&D, manufacturing and commercialization in China. In connection with the transfer of these rights, OcuMension will issue 139,161,120 shares to Alcon, accounting for 16.71% of the total share capital (post-issuance). Consequently, Alcon becomes one of the largest shareholders of OcuMension. Under the terms of the arrangement, each company has granted the other company a right of first negotiation over future products.
OcuMension, as a leading Chinese ophthalmic pharmaceutical platform company, focuses on integrating comprehensive capabilities across the entire lifecycle of ophthalmic drug development—from research and development to commercialization. OcuMension possesses a portfolio of 25 pharmaceutical assets. Alcon, the global leader in eye care, offers a broad portfolio of products to enhance sight and improve lives for patients in more than 140 countries.
Under this arrangement, OcuMension will acquire outright, Tears Natural® Forte, Bion Tears, Alcaine®, Fluorescite, and Cyclogyl, in the Chinese market and the commercialization rights in China to Systane® Ultra and AR-15512, a novel topical drug candidate for dry eye. Under the terms of this agreement, OcuMension will manufacture those products acquired outright for China after a transition period. OcuMension will also develop, manufacture and commercialize AR-15512 in China.
The addition of these seven mature products and AR-15512 to OcuMension's portfolio is expected to further enhance OcuMension's leadership in the ophthalmology field in the China market. Through the acquisition of these products, OcuMension expects to be capable of providing more comprehensive and advanced treatment solutions, further meeting patient needs and expanding market share.
The Parties expect that the framework of this agreement will allow both Parties to further promote technological advancements and innovations in the field of ophthalmology.
Ophthalmic diseases are internationally recognized as one of the highly focused medical sub-sectors, with innovative treatment solutions for ophthalmology still awaiting development. Based on this, OcuMension will continue to focus on bringing safer, more efficient, and cutting-edge treatment solutions to global ophthalmic patients, meeting the growing medical needs of patients.
About Alcon
Alcon helps people see brilliantly. As the global leader in eye care with a heritage spanning over 75 years, Alcon offers the broadest portfolio of products to enhance sight and improve people's lives. Alcon's Surgical and Vision Care products touch the lives of more than 260 million people in over 140 countries each year living with conditions like cataracts, glaucoma, retinal diseases and refractive errors. Alcon's more than 25,000 associates are enhancing the quality of life through innovative products, partnerships with Eye Care Professionals and programs that advance access to quality eye care. Learn more at www.alcon.com.
About OcuMension
OcuMension is a China-based ophthalmic pharmaceutical platform company dedicated to identifying, developing and commercializing first- or best-in-class ophthalmic therapies. OcuMension's vision is to provide a world-class pharmaceutical total solution to address significant unmet ophthalmic medical needs in China. Since its inception, OcuMension has focused on building a platform integrating specialized capabilities in each major functionality involved in an ophthalmic drug's development cycle, from research and development, manufacturing to commercialization. OcuMension believes its platform positions it well to achieve leadership in China ophthalmology, with a first-mover advantage over future competitors.
Advisors
Morrison Foerster acted as legal advisor to OcuMension in this transaction. Lazard acted as financial advisor to Alcon and Gibson Dunn as its legal advisor.
SOURCE OcuMension
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