Tetraphase and Everest agree licensing deal in Asia for novel antibiotic
Massachusetts, USA-based Tetraphase Pharmaceuticals (Nasdaq: TTPH) has sold the rights to eravacycline, a novel, fully-synthetic fluorocycline antibiotic, to Shanghai and Beijing-based Everest Medicines.
The Chinese firm gains the exclusive rights to develop, seek regulatory approval for, and commercialize the product in China, Hong Kong, Taiwan and South Korea.
Tetraphase, which is focused on developing and commercializing novel antibiotics to treat life-threatening multidrug-resistant (MDR) infections, will be paid $7 million upfront, and will be eligible to receive clinical and regulatory milestones of up to $16.5 million as well as annual sales milestones of up to $20 million.
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