$2.5m Taiwan milestone boost for Sosei Heptares

The payback follows US FDA approval for Formosa’s APP13007 to treat post-operative inflammation and pain following eye surgery.

APP13007 was originally designed and developed at Activus Pharma Inc., formerly a wholly owned subsidiary of the company. Activus was divested in August 2017 to Formosa, a wholly owned subsidiary of Formosa Laboratories, Inc., a leading manufacturer of Active Pharmaceutical Ingredients (APIs) listed on the Taiwan Stock Exchange.

Activus was originally developing APP13007 by applying its patented proprietary Activus Pure Nanoparticle Technology to the steroid to create a novel nanoparticle formulation for treating post-operative inflammation of the eye. Since the divestment, Formosa has progressed the development of APP13007 and received FDA approval.

Under the terms of the sale to Formosa in 2017, Sosei Heptares is entitled to receive undisclosed milestone payments based on progression of Activus’ pipeline as well as royalties from the commercialisation of certain products should they reach the market.

Sosei Heptares is a fully integrated, technology enabled pharmaceutical company focused on bringing life-changing medicines based on world-class science to patients globally.

Its global business combines world-leading GPCR-targeted StaR® technology, structure-based drug design and early development capabilities in the UK with a highly experienced clinical development capability and a commercial operation in Japan.

Sosei Heptares operates from key locations in Tokyo and Osaka in Japan, London and Cambridge in the UK, Basel (Switzerland) and Seoul (South Korea). At the end of March, the company plans to change its name to Nxera, assuming shareholder approval.