Benzinga | Mar 30, 2021 07:14AM EDT

Tarsus Pharma Partners With LianBio For TP-03 In Greater China For Eye Diseases

* Tarsus Pharmaceuticals Inc (NASDAQ: TARS) and LianBio have announced a strategic partnership to develop and commercialize TP-03 in Greater China (mainland China, Hong Kong, Taiwan, and Macau).

* TP-03 (lotilaner ophthalmic solution, 0.25%) is a novel, investigational therapeutic for treating Demodex blepharitis and Meibomian Gland Disease.

* Blepharitis is a common ocular condition characterized by inflammation of the eyelid margin, redness, and ocular irritation.

* Tarsus will receive a $15 million upfront payment and receive up to $185 million in milestone payment, including $10 million by June 30 and $45 million over the next 12 months.

* Tarsus will also be eligible to receive tiered low double-digit royalties based on sales of TP-03 in Greater China and will acquire a minority equity stake in LianBio Ophthalmology.

* Price Action: TARS shares closed 6.7% lower at $27.37 on Monday.