Pharma BD Deal Intelligence

Roots Pharmaceutical / Ocugen, Inc.

2026 · Licensing/Option · $259M · Pending

Ocugen signed a binding term sheet with Roots Pharmaceutical and strategic partner Al-Dhow International Holding for exclusive rights to develop and commercialize the modifier gene therapy OCU400 for retinitis pigmentosa across the Middle East and North Africa. Ocugen is to receive up to $4 million in upfront and near-term development milestones, up to $255 million in sales milestones and a 22% royalty on net sales, and will manufacture commercial supply; a definitive agreement is expected within 90 days.

This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2031 at the earliest for this deal, once/if it closes.

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