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Material upfront/milestone payments and a sizable royalty stream improve future cash-flow visibility; near-term catalyst is the 90-day definitive agreement window, with a longer-term upside tied to Phase 3 outcomes and potential sales in MENA.
What happened, with direct paths to the underlying reporting
Ocugen announced a binding term sheet to license OCU400 in the MENA region to Roots Pharmaceutical and partner Al-Dhow, with upfront/near-term milestones up to $4 million and sales milestones up to $255 million plus a 22% royalty. Ocugen would manufacture OCU400 under a supply agreement, expanding its regional footprint ahead of a Phase 3 readout in 1Q2027.
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