Sosei Group Corp. announced that Formosa Pharmaceuticals, Inc. has received approval from the U.S. FDA for clobetasol propionate ophthalmic suspension 0.05% (APP13007), for the treatment of post-operative inflammation and pain following ocular surgery. The milestone has triggered a $2.5 million payment to Sosei Heptares from Formosa.
 
APP13007 was originally designed and developed at Activus Pharma Inc., formerly a wholly owned subsidiary of the company. Activus was divested in August 2017 to Formosa, a wholly owned subsidiary of Formosa Laboratories, Inc., a manufacturer of Active Pharmaceutical Ingredients (APIs) listed on the Taiwan Stock Exchange.
 
Activus was originally developing APP13007 by applying its APNT (Activus Pure Nanoparticle Technology) to the steroid to create a novel nanoparticle formulation for treating post-operative inflammation of the eye. Since the divestment, Formosa has progressed the development of APP13007 and received FDA approval.
 
Under the terms of the sale to Formosa in 2017, Sosei Heptares is entitled to receive undisclosed milestone payments based on progression of Activus’ pipeline as well as royalties from the commercialization of certain products should they reach the market.