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Norway's Photocure to Push for Full Milestone Payments from China's Asieris

-- Norway-based cancer drug maker Photocure said it will pursue all means to secure full milestone payments for a license agreement with China's Jiangsu Yahong Meditech (SHA:688176) or Asieris Pharmaceuticals, Photocure said in a Monday press release.

Asieris only paid $6.6 million out of $11 million in milestone payments to Photocure triggered by China's approval of the Norway-based drug company's APL-1702 product, Photocure said in a Monday press release.

Asieris said label obtained for the product is only good enough for a partial payment, according to Photocure's press release.

However, the Norwegian drug manufacturer said the Chinese company's argument "is without merit," saying the milestone has been met.

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