Bridgewater, NJ, USA and Clermont-Ferrand, France, January 28, 2021 – Nevakar Inc. (“Nevakar”), a biopharmaceutical company developing multiple assets in the ophthalmic and injectable areas, and Laboratoires Théa (“Théa”) announced today that they recently entered into an exclusive licensing agreement for the commercialization of NVK002 in Europe. NVK002 is a proprietary, investigational, preservative-free eye drop administered nightly and intended for slowing the progression of myopia in children ages three to 17. It is currently under clinical evaluation in the CHAMP (Childhood Atropine for Myopia Progression) study, a Phase III clinical trial being carried out in the U.S. and Europe.
Under the terms of the agreement, Nevakar will develop and obtain European Medicines Agency (“EMA”) approval for the product, and Théa will launch, distribute, and support the product in Europe, as well as in parts of North Africa. In total, Nevakar has the potential to receive up to $135 million in payments upon the successful attainment of several key regulatory and sales milestones. In addition, Nevakar will be entitled to tiered royalty payments, ranging from the mid to upper teens, on net sales of NVK002 in the territory.
“We are very pleased to enter into this collaboration with Théa,” stated Navneet Puri, Ph.D., Founder, Chairman and Chief Executive Officer of Nevakar. “Théa is a recognized global leader in the integrated eye care field and has a commanding presence in the European markets. With its strong commercial organization, relationships with key opinion leaders, and deep knowledge of the ophthalmology landscape in Europe, Théa will provide NVK002 with a sustainable first mover advantage in these markets. Théa’s confidence in Nevakar and in NVK002 further validates both our company and pipeline. This arrangement with Théa follows our recent licensing agreement with Hong Kong-based Zhaoke Ophthalmology Pharmaceutical Ltd. (“ZKO”) for the development and commercialization of NVK002 in Greater China (The People’s Republic of China (“PRC”), Hong Kong SAR, Macau SAR and Taiwan), South Korea and the Southeast Asian territories, further expanding our global reach,” concluded Puri.
“Nevakar’s NVK002 is the most advanced and innovative atropine product for the treatment of myopia. When approved, it will help address unmet needs in children’s eye care. Théa is an ideal partner for Nevakar, and we are excited to leverage our strong relationships with ophthalmologists and provide them with this cutting-edge solution that will benefit their youngest patients,” stated Jean-Frédéric Chibret, President of Théa.
Perella Weinberg Partners LP acted as exclusive financial advisor, and Morgan, Lewis & Bockius LLP served as legal counsel for Nevakar.