Vicore and Nippon Shinyaku join forces on C21 in Japan

Swedish clinical stage lung disease specialist Vicor Pharma (STO: VICO) has entered into an exclusive licensing agreement with Japan’s Nippon Shinyaku, for the commercialization and development of its C21 idiopathic pulmonary fibrosis (IPF) drug candidate in Japan, with the news sending the firm’s shares up 16.6% to 15.20 kronor by midday.

In return, Vicore will receive an upfront of $10 million and is entitled to potential development and commercial milestone payments up to a total of $275 million. Vicore is eligible to receive tiered royalties extending into the low 20s based on annual net sales of C21 in Japan. Nippon Shinyaku holds the exclusive right to develop and commercialize C21 in Japan focusing initially on the treatment of IPF.

Nippon Shinyaku will be operationally and financially responsible for development of C21 in Japan and will contribute Japanese patients and sites to the global late-stage development of C21 at its expense. Vicore retains all rights to C21 in the rest of the world.