China-based Lee’s Pharmaceutical Holdings Ltd (HKG: 0950), through its subsidiary Zhaoke Ophthalmology Ltd (HKG: 6622), has announced a distribution and supply agreement with South Korea-based Kwangdong Pharmaceutical Co., Ltd (KRX: 009290) for NVK002, an atropine external use eye solution.
Agreement Details and Financial Terms
According to the agreement, Kwangdong will handle the import, publicity, distribution, marketing, and sales rights for the drug in South Korea. In return, Zhaoke will receive an undisclosed amount of upfront payment, along with regulatory and marketing milestone payments.
NVK-002: A Promising Treatment for Myopia in Children
NVK-002 is a preservative-free investigative eye drop product designed to arrest the progression of myopia in children aged 3 to 17, with a nocturnal administration approach. This innovative product offers a potential solution for managing myopia in a pediatric population.
Global Licensing and Development Rights
Lee’s Pharma secured exclusive development, manufacturing, and commercialization rights to NVK-002 in Greater China, South Korea, and Southeast Asia through a licensing deal with US firm Nevakar Inc. in October 2020. The Phase III CHAMP study for NVK-002 confirmed the safety and efficacy of the drug as a potential treatment for children with myopia, bolstering its prospects for market approval.
Upcoming Market Filing in the US
Nevakar’s subsidiary, Vyluma, plans to make a market filing for NVK-002 during the first quarter of this year in the US, indicating the global reach and potential impact of this treatment for myopia.-Fineline Info & Tech
