Chinese pharmaceutical company Haisco has announced that it has entered into an exclusive licensing agreement with AbbVie, granting the biopharma giant the exclusive rights to develop, manufacture and commercialise novel medicines for the treatment of pain globally, excluding mainland China, Hong Kong and Macau.
The programme includes multiple compounds designed to address pain-related indications.
These compounds are currently at various stages of development in China, ranging from preclinical to Phase I clinical.
"This collaboration is highly aligned with our international development strategy and is expected to generate sustainable value and long-term returns," said Dr Pangke Yan, CEO of Haisco.
By partnering with a global biopharmaceutical leader such as AbbVie, Haisco aims to accelerate the global development of innovative pain therapies and deliver high-quality treatment options to patients worldwide.
Haisco will receive an upfront payment of $30m and could earn up to $715m in milestone payments, along with tiered royalties on future net sales.