Closely-held MediBeacon and Huadong Medicine (SZ:000963) signed an agreement that will provide Huadong with exclusive rights to MediBeacon’s portfolio of assets in greater China.
MediBeacon’s lead program is a point-of-care transdermal glomerular filtration rate measurement system (TGFR) designed to measure kidney function without the need for a blood or urine sample. TGFR is ready to begin a pivotal trial in the U.S. and Europe.
MediBeacon will receive an initial $15-million equity payment and a second $15-million equity payment upon U.S. FDA approval of TGFR. Huadong will fund the clinical trials, and commercial and regulatory activities in 25 Asian countries including greater China. MediBeacon will receive royalty payments on net sales.
“Huadong has over 6,500 representatives covering all key areas of China including a strong presence in the nephrology community,” Steve Hanley, MediBeacon’s CEO and co-founder, said in a statement.
“As a leading pharmaceutical company in China, we believe they are the perfect partner to drive market adoption for our pipeline of products,” he added.
