Altamira Therapeutics (NASDAQ:CYTO) entered into an exclusive licensing and distribution agreement with Nuance Pharma for Altamira’s Bentrio nasal spray for protection against airborne viruses and allergens in the Chinese Mainland, Hong Kong, Macau and South Korea.
Under the accord, Altamira will initially supply Bentrio to Nuance, which will make an upfront payment of $1-million and pay Altamira development and commercial milestones of up to $3-million and up to $19.5-million, respectively. Nuance will have the right to register and commercialize Bentrio in the Asian countries.
In the second stage of the agreement, Nuance will assume local production of Bentrio for the Asian countries on payment of certain milestones. After Nuance assumes local production of Bentrio, it will pay Altamira a staggered royalty on net sales in the Asian countries at a high-single to low-double-digit percentage.
“We are excited to greatly expand the distribution of Bentrio and further enlarge our footprint in Asia through this strategic collaboration with Nuance,” Thomas Meyer, chairman, CEO and founder of Altamira, said in a statement.
“As a fast growing, well capitalized company with a growing portfolio of products specifically for the treatment of respiratory disorders, Nuance is an ideal commercialization partner for this important and dynamic region,” Mr. Meyer added.
Mark Lotter, CEO and founder of Nuance, said the prevalence of allergic rhinitis in the Chinese Mainland is particularly high, affecting some 246 million patients.
“In addition, viral infections represent another high-volume opportunity for Bentrio in this region, so we are looking forward to launching this promising therapeutic to patients in the Chinese Mainland, as well as Hong Kong, Macau and South Korea,” he added. “Bentrio fits well with Nuance’s continuous strategic focus in the respiratory space.”
