Fenwick & West represented global ophthalmology leader Santen Pharmaceutical in its licensing agreement with jCyte Inc. to develop and commercialize its first-in-class, investigational therapy, jCell, outside the U.S., in regions including Europe, Asia and Japan.
jCyte Inc. is a biotech company dedicated to improving the lives of patients with rare degenerative retinal diseases. Under the terms of the licensing agreement, jCyte will receive $50 million in upfront cash, $12 million in a convertible note offering, and $190 million in clinical and sales milestones based on regulatory approval and initial sales in Europe, Asia and Japan. The total deal is valued at up to $252 million. jCyte is also entitled to receive tiered, double-digit royalty payments on net sales of jCell therapy once commercialized outside the U.S.
More information about the agreement can be obtained from the company announcement.
The Fenwick team handling the licensing and commercialization agreement was led by life sciences partner Stefano Quintini and counsel Claire O’Callaghan, with support from associates Sophia Chen and Sang Kwon. Fenwick corporate partner Joshua Geffon handled the convertible notes offering, with support from associates Sean Childers and Michael Ohta.