Irvine Biopharmaceutical Company Partnership Potentially Worth $250 Million
Monday, April 12, 2021
Tarsus Pharmaceuticals, a biopharmaceutical company in Irvine, has formed a partnership worth potentially $250 million with LianBio, a biotech company in China, to develop and commercialize its proprietary eye drops in mainland China, Hong Kong, Taiwan, and Macau.
Tarsus in January 2020 raised $60 million in a funding round for late-stage clinical trials of its therapeutic treatment called TP-03. The eye drops were engineered to treat Demodex blepharitis, an eyelid disease affecting millions of Americans, and Meibomian Gland Disease.
As part of the partnership, LianBio will gain exclusive rights to develop and commercialize TP-03 in greater China, while Tarsus will receive a $15 million upfront payment, according to a statement.
Tarsus said it could also receive from LianBo up to $185 million in development and commercialization milestones, including $10 million by June 30 and $45 million over the next 12 months for clinical milestones. The company also will gain a minority stake in LianBo.
“We believe LianBio is well-positioned to successfully commercialize TP-03 in Greater China,” said Dr. Bobak Azamian, CEO at Tarsus. “We look forward to expanding our global footprint in the second-largest healthcare market in the world to deliver a much-needed treatment for patients with Demodex blepharitis and Meibomian Gland Disease.”
LianBo in the statement said there are more than 100 million estimated Demodex blepharitis and Meibomian Gland Disease patients in China.
Blepharitis is a common eye condition that inflames the eyelid. Demodex blepharitis is caused by an infestation of Demodex mites, a common parasite found on human skin. There are no FDA-approved treatments for Demodex blepharitis.
Category: Business News, Irvine