Nov 20 (Reuters) - Acasti Pharma Inc ACST.V
* Acasti Pharma Inc - entered into a non-binding term sheet with a China-based pharmaceutical company
* Acasti Pharma - if definitive agreement is reached, signed, term sheet contemplates co would receive an upfront payment of us$8 million upon signing
* Acasti Pharma Inc - if definitive agreement is reached & signed, co would also receive potential additional milestone payments in excess of $125 million