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Allegro Ophthalmics, LLC Receives Strategic Investment From Hanmi Pharmaceutical and Enters Into a License Agreement for Luminate® (ALG-1001)

Allegro Ophthalmics, LLC

Represented Allegro Ophthalmics, LLC in its transaction with Hanmi Pharmaceutical Co., Ltd. which includes license of certain Asian rights to Hanmi, and a $20 million strategic investment by Hanmi in Allegro. Allegro develops novel integrin peptide therapies for the treatment of vitreoretinal diseases.

Under the terms of the agreements, Hanmi Pharmaceutical is obtaining a license from Allegro for Luminate as an intraocular injection for vitreoretinal diseases, including diabetic macular edema (DME), wet age-related macular degeneration (wet AMD), and vitreomacular traction (VMT), in The Republic of Korea and China. Hanmi Pharmaceutical has agreed to pay Allegro upfront license fees, sales milestone payments, and running royalties as a percentage of net sales.

In addition to license rights for Korea and China, Hanmi Pharmaceutical will be making a $20 million strategic investment in Allegro. The closing of the transaction is subject to customary conditions, expected to be satisfied by January 16, 2015. Read the Press Release.