SHANGHAI—OcuMension Therapeutics, a leading Chinese ophthalmic pharmaceutical platform company, has announced an agreement with Alcon Inc., a leader in eyecare, in which OcuMension has acquired commercialization rights in China to a portfolio of Alcon dry eye treatments and procedural drops, including several commercially available products and one development-stage product. The scope of the agreement also covers areas of R&D, manufacturing and commercialization in China, according to the two companies. In connection with the transfer of these rights, OcuMension will issue 139,161,120 shares to Alcon, accounting for 16.71 percent of the total share capital.

Consequently, Alcon becomes one of the largest shareholders of OcuMension. Under the terms of the arrangement, each company has granted the other company a right of first negotiation over future products, according to the announcement.

Under this arrangement, OcuMension will acquire outright, Tears Natural Forte, Bion Tears, Alcaine, Fluorescite and Cyclogyl, in the Chinese market and the commercialization rights in China to Systane Ultra and AR-15512, a novel topical drug candidate for dry eye. Under the terms of this agreement, OcuMension will manufacture those products acquired outright for China after a transition period. OcuMension will also develop, manufacture and commercialize AR-15512 in China, the announcement said.

The parties said that they expect that the framework of this agreement will allow both parties to further promote technological advancements and innovations in the field of ophthalmology. Morrison Foerster acted as legal advisor to OcuMension in this transaction. Lazard acted as financial advisor to Alcon and Gibson Dunn as its legal advisor.