BioTime in sublicense deal for Japan

California, USA-based BioTime says that it has entered into an addendum to its agreement with Summit Pharmaceuticals International to develop Hextend (high molecular weight hydroxethyl starch) and PentaLyte (pentastarch-based synthetic plasma) for the Japanese market.

The addendum grants Summit the licenses required to permit the firm to implement an agreement with Maruishi Pharmaceutical, to seek regulatory approval and to manufacture and market Hextend in Japan. Summit will also participate in the regulatory approval process and will have the right to manufacture and market Hextend in Japan if regulatory approval is obtained.

Under its joint-development agreement with Summit, BioTime will be entitled to receive its pro rata share of the royalties and milestone payments payable by Maruishi through Summit. If Summit sells Hextend, BioTime will also be entitled to receive its pro rata share of net sales revenues.