In June 2021, EirGen and Nicoya entered into an agreement for the development and commercialization in Greater China of RAYALDEE® for the treatment of secondary hyperparathyroidism (SHPT) in patients with stage 3 or 4 chronic kidney disease (CKD). Nicoya is a leading biotechnology company incubated by 6 Dimensions Capital and its successor fund 120 Capital, and is focused on the China nephrology market.
Under the amended agreement, OPKO received a 15% equity stake in Nicoya in exchange for a revised tiered royalty and transfer price schedule. The equity issuance of Series A-2 Preferred Shares is set to close in two tranches. The amended arrangement also expands the field of use while reinforcing Nicoya's commitment to commercialize RAYALDEE in the Greater China. The milestone structure under the original agreement remains unchanged with OPKO eligible to receive up to $115 million upon the achievement of certain development, regulatory and sales-based milestones. Through EirGen, OPKO has developed an integrated supply chain that enables it to efficiently manufacture and package RAYALDEE for distribution.
"We are deepening the strategic alignment of our relationship with Nicoya and creating an opportunity for OPKO to participate more broadly in the value Nicoya intends to build in China," said Phillip Frost, M.D., Chairman and Chief Executive Officer of OPKO. "China is a major growth opportunity with over 20 million adults affected by stage 3 or 4 ...
