Revance Announces First Patient Enrolled for DaxibotulinumtoxinA in Glabellar Lines and Cervical Dystonia in China by Fosun Pharma
Revance Therapeutics, Inc. (Nasdaq: RVNC), a biotechnology company focused on innovative aesthetic and therapeutic offerings, today announced that Shanghai Fosun Pharmaceutical Industrial Development Co., Ltd., (Fosun Pharma Industrial), a wholly-owned subsidiary of Shanghai Fosun Pharmaceutical (Group) Co., Ltd, (Fosun Pharma), a leading healthcare group in China, has initiated Phase 3 trials of DaxibotulinumtoxinA for Injection in China, for the treatment of glabellar lines and cervical dystonia. Both trials enrolled and dosed their first patients in April. China is a fast-growing market for neuromodulators, with an estimated aesthetics and therapeutics opportunity of $318 million in 2021 that is projected to increase to $762 million by 2027 (15.7% CAGR)1.
“The initiation of Phase 3 clinical trials for the treatment of glabellar lines and cervical dystonia marks an important advancement in our international expansion efforts and partnership with Fosun Pharma,” said Mark J. Foley, President and Chief Executive Officer at Revance. “Fosun Pharma is a leading pharmaceutical and healthcare company in China and we look forward to continuing our collaboration with them in order to bring our next-generation product to the second largest neuromodulator market in the world.”
Revance entered into a license agreement with Fosun Pharma Industrial in 2018, whereby Fosun Pharma Industrial received exclusive rights to develop and commercialize Revance’s proprietary long-acting neuromodulator, DaxibotulinumtoxinA for Injection, in mainland China, Hong Kong and Macau (the Territory). Under the license agreement, Fosun Pharma Industrial is responsible for conducting necessary clinical studies, marketing and sales in the Territory, while Revance is responsible for manufacturing drug substance and finished drug product for Fosun Pharma Industrial’s clinical and commercial activities. Under the terms of the license agreement, Revance has received payments of over $30 million and is eligible to receive additional potential development and sales milestone payments of approximately $230 million, as well as tiered royalty payments in low-double-digit to high-teen percentages on future annual net sales.
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