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Ocugen, Inc. (NASDAQ:OCGN) shares traded higher on Monday after the company announced a licensing agreement with Kwangdong Pharmaceutical for the exclusive Korean rights to OCU400.
OCGN shares are powering higher on strong volume. Find out why here.
What To Know: Ocugen said it executed a licensing agreement with Kwangdong for rights to OCU400, its modifier gene therapy for retinitis pigmentosa. The deal marks Ocugen's first regional partnership for the program.
Under the agreement, Ocugen will receive upfront license fees and near-term development milestone payments totaling up to $7.5 million. The company will also be eligible for sales milestones projected to reach $180 million or more in the first 10 years of commercialization.
In addition, Ocugen will earn a royalty of 25% on net sales of OCU400 generated by Kwangdong. The company will manufacture and supply the commercial product under terms of a supply agreement.
There are an estimated 7,000 individuals in Korea living with retinitis pigmentosa, representing roughly 7% of the U.S. market. Ocugen said OCU400 has the potential to serve as a one-time therapy for patients affected by the disease.
Executives from both companies emphasized the significance of the partnership. Ocugen CEO Dr. Shankar Musunuri called the agreement "a meaningful step" toward bringing OCU400 to patients in Korea, while Kwangdong Chairman SungWon Choi said the deal strengthens the company's ophthalmology portfolio.
Ocugen noted that it is advancing OCU400 through Phase 3 clinical development, with a target U.S. Biologics License Application filing in 2026. Kwangdong intends to leverage Ocugen's clinical data and filing as part of its regulatory submission in Korea.
OCGN Price Action: Ocugen shares closed Monday up 12.15% higher at $1.20, according to data from Benzinga Pro.
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