Financial Wire

Haisco Pharmaceutical Grants AbbVie Exclusive Rights for Nav1.8 Inhibitors; Shares Up 4%

-- Haisco Pharmaceutical (SHE:002653) granted AbbVie Group Holdings exclusive rights to develop, manufacture, and commercialize Nav1.8 inhibitors globally, according to a Shenzhen bourse filing on Monday.

The Chinese pharmaceutical company will receive an upfront payment of $30 million and additional milestone payments of up to $715 million.

The scope of the exclusive rights will exclude the mainland, Hong Kong and Macau.

The Nav1.8 inhibitors are HSK55718 and HSK51155, which are developed to block specific sodium ion channels and restrain abnormal neuronal firing in pain pathways.

Haisco's shares jumped 4% during the afternoon trade.

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