PONTE VEDRA, Fla.—Orasis Pharmaceuticals, an ophthalmic pharmaceutical company, has announced the signing of an exclusive licensing agreement with Optus Pharmaceuticals, a Korean-based pharmaceutical company specializing in total eyecare solutions. Under the agreement, Orasis grants Optus Pharmaceuticals the rights to commercialize, import and sell Qlosi (pilocarpine hydrochloride ophthalmic solution) 0.4%, a novel corrective eye drop for the treatment of presbyopia in adults, in Korea. "Our licensing agreement with Optus Pharmaceuticals marks an important step in our goal of offering patients around the world a safe, effective and innovative solution to manage their presbyopia," said Elad Kedar, CEO of Orasis Pharmaceuticals.

"Building on the momentum of our recent Series D financing to support our first market launch in the U.S., this partnership represents our commitment to bring Qlosi to more patients globally and define what's next in vision care," Kedar said.

Additional terms of the agreement include an upfront payment and payments for key milestones, totaling $18 million, in addition to double-digit royalties on sales in the Korean market. Optus Pharmaceuticals said it plans to be the first to launch a new presbyopia treatment drug in the Korean market, and will launch Qlosi in Korea by 2026, after receiving domestic regulatory approval and sales approval.