Eyegate Pharmaceuticals, Inc., a specialty pharmaceutical company that focuses on developing and commercializing therapeutics and drug delivery systems for treating diseases of the eye, has formed an exclusive, worldwide licensing agreement with a subsidiary of Valeant Pharmaceuticals International, Inc. through which EyeGate has granted Valeant exclusive, worldwide commercial and manufacturing rights to its EyeGate II Delivery System and EGP-437 combination product for treating uveitis, as well as a right of last negotiation to license the product for other indications.

Under the agreement, EyeGate will receive an upfront cash payment, development-based milestone payments related to the completion of development for the indication of anterior uveitis and an approval-based milestone payment upon receipt of US Food and Drug Administration approval of the product. Additionally, the company would receive royalties based on net sales, as well as additional milestone payments based on the achievement of certain cumulative sales milestones. EyeGate is responsible for the development of the product in the United States for the indication of anterior uveitis, together with associated costs. Valeant has the right to develop the product in the field outside of the US and has agreed to fund 100% of associated costs.

Source: Eyegate Pharmaceuticals