Situation Assessment

• Nevakar is a private US-based specialty pharmaceutical company focusing on the development of ophthalmic and injectable products
• Nevakar was interested in securing a partner in China for its lead ophthalmology asset, NVK-002 (low concentration atropine eyedrop) for the treatment of pediatric myopia, and engaged Locust Walk to support a partnering process

Key Activities

• Locust Walk reached out to Chinese companies with active interest in ophthalmology, leveraging our network with business development executives and investors
• Our outreach drew interest from several companies, and led to a competitive process, with several companies submitting binding and non-binding term sheets for the opportunity
• Over the course of the process, Locust Walk supported the Nevakar team in due diligence, managing discussions and negotiations with potential partners

Successful Outcome

• Our combined efforts led to productive discussions with Zhaoke Ophthalmology Pharmaceutical, which resulted in a partnering agreement for NVK-002 in Greater China (The People’s Republic of China (“PRC”), Hong Kong SAR, Macau SAR and Taiwan), South Korea and the Southeast Asian territories on October 20, 2020
• Under the terms of the partnership, Nevakar has the potential to receive up to $102M in regulatory and commercial milestones as well as royalties on sales