Bio-Thera Solutions (688177.SH) announced on November 13th that it signed an authorization, production, supply, and commercialization agreement with Gedeon Richter Plc. (referred to as "Gedeon Richter") on October 8, 2024, Beijing time, for BAT2206 (ustekinumab) injection, granting Gedeon Richter the exclusive commercialization rights of the company's BAT2206 (ustekinumab) injection in the markets of the European Union, United Kingdom, Swiss Franc, Australia, and other parts of Europe. The total amount of upfront and milestone payments can be up to 0.11 billion US dollars, including 8.5 million US dollars upfront payment, cumulative milestone payments not exceeding 0.1015 billion US dollars, and a double-digit percentage of net sales as revenue sharing.
According to the agreement, Bio-Thera Solutions received a one-time payment of 10 million US dollars from Gedeon Richter on November 13, 2024, including 8.5 million US dollars upfront payment and 1.5 million US dollars milestone payment (actual received amount shall be deducted bank charges), calculated at the USD to CNY midpoint rate of 7.1991 published by the People's Bank of China on November 13, 2024, totaling 71.991 million yuan. The receipt of this amount further enriches the company's cash reserves, providing support for the company's future pipeline development and internationalization strategy.
