ICT gets rights to Vericel programs in Asia, including China
Innovative Cellular Therapeutics Co. Ltd. (Shanghai, China) received exclusive rights in parts of Asia to develop and commercialize a portfolio of products from Vericel Corp. (NASDAQ:VCEL). Specifically, the deal covers China, including Hong Kong and Macau, Taiwan, South Korea, Singapore, Vietnam, Laos, Cambodia, Thailand, Myanmar, Malaysia, Indonesia, East Timor, Philippines and Brunei. The licensed portfolio includes cartilage repair drugs Carticel and MACI, burn drug Epicel, and ixmyelocel-T, which completed a Phase IIb trial to treat heart failure due to ischemic dilated cardiomyopathy (DCM).
Vericel will receive an upfront payment of $6 million and is eligible for up to $8 million in development and commercialization milestones, plus tiered, double-digit royalties on each product. Innovative Cellular Therapeutics will be responsible for funding development and manufacturing...