Clinical stage biotechnology company with primary focus in the areas of ophthalmology and oncology Formosa Pharmaceuticals (6838.TWO) announced on Monday that it has entered into an exclusive licensing agreement with Apotex Inc., a pharmaceutical corporation, for the commercialization rights of clobetasol propionate ophthalmic suspension, 0.05% (APP13007) in Canada.

Approved by the US Food and Drug Administration (FDA) on 4 March 2024, APP13007 is a patented medicine for treating post-ocular surgery inflammation and pain.

The licensing deal involves an upfront payment and milestone payments contingent on regulatory and sales achievements. Derived from Formosa Pharma's proprietary APNT nanoparticle formulation, APP13007 offers a convenient twice-daily dosing regimen over 14 days, showing superior efficacy in Phase 3 trials.

Entering a market valued at approximately CAD50m and growing at 5% annually, APP13007 addresses the needs of an estimated 500,000 ocular surgeries in Canada each year.

(USD1=CAD1.38)