Shandong Luoxin Pharmaceutical will pay $2 million up front plus milestone payments of up to $20 million to acquire exclusive rights to develop, manufacture, and commercialize Marninomed’s Budesolv budesonide nasal spray in China, the company has announced. In April 2019, Marinomed announced that a Phase 3 trial of Budesolv for the treatment of allergic rhinitis had met its primary endpoint.
Marinomed CEO Andreas Grassauer said, “We are honored to reach an agreement with a quality partner in the Chinese market like Luoxin Pharmaceutical and are proud of the partnership based on the Marinosolv technology platform. Luoxin Pharmaceutical has rich experience in product innovation and commercialization, while Budesolv is the first drug developed on the Marinosolv platform, with a dosage reduction of 85% and faster efficacy. We hope to provide better treatment options for patients with allergic rhinitis through this close cooperation.”
Luoxin Pharmaceutical Chairman and CEO Ryan Liu commented, “We are looking forward to the cooperation with Marinomed. Respiratory disease is one of our key focus areas. Thanks to the combination of Marinomed’s unique innovative product research and development platform and Luoxin’s integrated whole industrial chain advantages in research, production and marketing, we believe that the joint exploration with Marinomed’s outstanding scientific team will pay off and help enhance the treatment of allergic rhinitis patients in China.”
Read the Luoxin Pharmaceutical and Marinomed press release.
