- Correvio Pharma (TSX:CORV) subsidiary, Correvio International Sàrl, has formed a partnership with Hong Kong Teson Pharma
- The exclusive agreement will result in the commercialisation of the drug Aggrastat
- Aggrastat reduces thrombosis in patients with acute coronary syndrome (ACS)
- Teson will initially pay Correvio C$4.1 million, with a possible follow-up of $688,000 in 2020’s third quarter
- Correvio’s share price is up 17.75 per cent, and is currently trading at $0.45 per share
Correvio Pharma (TSX:CORV) subsidiary, Correvio International Sàrl, has formed a partnership with Hong Kong Teson Pharma.
The companies entered the exclusive agreement with the intent of commercialising Correvio’s drug asset, Aggrastat.
The drug Aggrastat (tirofiban hydrochloride) helps to reduce thrombotic cardiovascular events in patients with acute coronary syndrome (ACS).
The agreement will cover mainland China and Macau, but will not include territories such as Taiwan and Hong Kong. Teson will gain exclusive rights to commercialise Aggrastat in the agreed territories, at its own cost and expense.
In exchange, Teson will pay Correvio an initial one-time payment of C$4.1 million. After Teson receives its first receipt of product in 2020’s third quarter, Correvio is eligible to receive an additional sum of up to $688,000.
The companies have not disclosed any further terms of the agreement between them.
Teson’s General Manager, Ethan Zeng, commented on the partnership.
“This agreement with Correvio brings to our pipeline a high-value, commercial-stage asset with a cardiovascular focus. It has the potential to help a great number of patients in China and Macau,” he said.
Correvio’s CEO, Mark H.N. Corrigan, MD, also spoke about the agreement.
“This new strategic alliance adds to Correvio’s growing list of world-class partners who are actively marketing our novel hospital drugs in important global markets. We believe there is no company better suited to maximise the commercial potential of Aggrastat in the licensed territories,” Mark stated.
In spite of yesterday’s global stock market crash, now dubbed “Black Monday”, Correvio’s share price has bounced back.
Correvio’s share price is up 17.75 per cent, and is currently trading at $0.45 per share, as of 1:34pm EST.