07:49 AM EDT, 06/05/2025 (MT Newswires) -- Ocugen ( OCGN ) said Thursday it signed a binding term sheet with a major South Korean pharmaceutical partner to negotiate and enter into a licensing agreement for its experimental gene therapy, OCU400, in Korea.

Under the future agreement, Ocugen ( OCGN ) said it will receive up to $11 million in upfront and near-term milestone payments, plus $1 million in sales milestones for every $15 million in Korean sales.

Ocugen ( OCGN ), which will manufacture a commercial supply of OCU400 under a separate agreement, will also receive a 25% royalty on net sales, the company said.

OCU400, a potential treatment for retinitis pigmentosa, is currently in phase 3 trials, with a biologics license application filing expected in mid-2026, Ocugen ( OCGN ) said.

A final agreement is expected within 60 days, the company said.

Ocugen ( OCGN ) shares were more than 4% higher in premarket trading.