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Ocugen Inc, a biotechnology company focused on discovering, developing, and commercializing novel gene therapies to address major blindness diseases and offer hope for patients across the globe, 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.
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 retinitis pigmentosa. OCU400 provides the opportunity for our partner to help thousands of patients and become a leader in gene therapy in Korea.
“This regional licensing agreement is aligned with our business development strategy to partner with well-established companies in their respective countries and regions - leveraging their networks and know-how to treat as many retinitis pigmentosa patients as possible,” said Dr. Shankar Musunuri, chairman, CEO, and Co-founder of Ocugen. “A regional approach preserves Ocugen’s rights to larger geographies to maximize total patient reach while also generating return for our shareholders.”
Additional details will be available once the definitive agreement between the parties is executed, which is expected to occur within the next 60 days.
Ocugen is currently advancing OCU400 through phase 3 clinical development with a target Biologics License Application (BLA) filing of mid-2026.
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