(Yicai Global) Feb. 5 -- China's Betta Pharmaceuticals has penned a deal to give American specialist EyePoint Pharmaceuticals the exclusive rights to develop its new ophthalmic drug and related treatment solutions overseas.

EyePoint will pay Betta's subsidiary Equinox Sciences USD1 million up front for the rights to Vorolanib and its associated injection treatment programs everywhere except the Chinese mainland, Hong Kong, Macao and Taiwan, Betta said in a statement this morning. The buyer will also pay commissions and make milestone payments on future developments.

Shares in the Chinese firm [SHE:300558] were up 1.45 percent at 69.21 (USD9.88) when the Shenzhen bourse closed for lunch.

Vorolanib is intended for age-related eye diseases and can inhibit neovascularization and tumor growth without the toxic side effects found in similar drugs. It can treat wet age-related macular degeneration, diabetic retinopathy and retinal vein occlusion, the statement added.

EyePoint has already met with the United States Food and Drug Administration to discuss carrying out first-phase clinical trials of the drug.

Editor: James Boynton