Oxford BioMedica concludes novel ocular license deal with Sanofi

UK-based Oxford BioMedica (LSE: OXB) has concluded the terms of the development and commercialization license agreement with its partner French drug major Sanofi (Euronext: SAN) to develop the novel gene-based medicines for the treatment of ocular diseases, StarGen and UshStat.

Under the terms of the license, Sanofi has been granted broadened global rights across all ocular disease indications for StarGen and UshStatand, in return, Oxford BioMedica will regain the worldwide rights to EncorStat, a treatment for corneal graft rejection.

Under the terms of the collaboration agreement signed in April 2009, Sanofi committed $24 million of development funding that was subsequently prioritized for the advancement of RetinoStat, StarGen and UshStat. In June 2012, Sanofi elected to exercise its options to acquire exclusive worldwide development and commercialization licenses for StarGen and UshStat which triggered an aggregate option exercise payment of $3 million to Oxford BioMedica. Under the new license Oxford BioMedica is eligible for development and commercialization milestone payments and royalties on any future sales of the two products. The parties expect that the management of the ongoing clinical studies will be handed over from the company to Sanofi during the first half of 2014.