Fosun Pharma Subsidiary Enters Exclusive Licensing Agreement with Revance Therapeutics for Long-Acting Neuromodulator RT002 in Greater China
VCBeat (WeChat: vcbeat) has learned that on December 5, Shanghai Fosun Pharmaceutical (Group) Co., Ltd. (“Fosun Pharma,” stock codes: 600196.SH, 02196.HK) announced that its controlling subsidiary, Shanghai Fosun Pharmaceutical Industry Development Co., Ltd. (“Fosun Pharma Industry”), had entered into a license agreement with Revance Therapeutics, Inc. (“Revance”). Under the agreement, Fosun Pharma Industry will hold exclusive rights to use, import, sell, and otherwise commercialize (excluding manufacturing) RT002, an injectable drug containing DaxibotulinumtoxinA for injection, within the territory (i.e., mainland China, and the Hong Kong and Macau Special Administrative Regions) and in the field (including both aesthetic and therapeutic indications).
Pursuant to the Agreement, Fosun Pharma Industries shall pay RevancePay up to $88 million in licensing feesand pay the corresponding sales milestone payments.
Revance, founded in 1999, is a company focused onNovel Botulinum Toxin ProductsA biopharmaceutical company engaged in the research and development, manufacturing, and commercialization of products for various aesthetic and therapeutic indications.
RT002 is a long-acting neuromodulator in the clinical research stage, developed based on Revance’s proprietary technology platform. Its active pharmaceutical ingredient is daxibotulinumtoxin A. The formulation contains no human blood-derived substances or animal-derived proteins and maintains stability for two years without refrigeration.
Based on the results of its completed preclinical and clinical studies,RT002 can be used for cosmetic indications, such as the elimination of moderate to severe glabellar lines; and therapeutic indications, such as cervical dystonia.
As of now, no products containing DaxibotulinumtoxinA botulinum toxin type A have been marketed or sold in mainland China (excluding Hong Kong, Macao, and Taiwan). According to the latest data from IQVIA CHPA (provided by IQVIA, a global leading provider of professional information and strategic consulting services for the pharmaceutical and healthcare industries), in 2017, injectableThe sales revenue of Botulinum Toxin Type A in China amounted to approximately RMB 234 million.。
“Fosun Pharma is a leading healthcare industry group in China, with an extensive product portfolio and research on therapeutic indications in the field of medical aesthetic devices and treatments, as well as professional operational capabilities and management expertise. Fosun Pharma is the ideal partner for us to commercialize RT002 in China,” said Mr. Dan Browne, President and Chief Executive Officer of Revance. “The medical aesthetic device market in China is booming, and we look forward to working with Fosun Pharma to initiate the clinical trials, regulatory approval, and commercialization of RT002 in China at an early date.”
Wu Yifang, President and Chief Executive Officer of Fosun Pharma, stated, “We are honored to partner with Revance to bring more effective, safer, and higher-quality neuromodulation products to consumers and patients in China. Meanwhile, this collaboration will help enrich our product portfolio in the medical aesthetics sector, enabling us to continue actively supporting and advancing our development and strategic layout in this field, thereby providing more options to address unmet market needs.”
About Revance Therapeutics, Inc.
Revance, founded in 1999, is a biopharmaceutical company incorporated in Delaware, USA, with its headquarters located in Newark, California. In 2014, Revance went public on the NASDAQ stock exchange under the ticker symbol “RVNC,” with Mr. Angus C. Russell serving as Chairman of the Board. The company specializes in the research and development, manufacturing, and commercialization of novel botulinum toxin products for a range of aesthetic and therapeutic indications.