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PAION AG / Key word(s): Contract
PAION ASSIGNS CHINESE REMIMAZOLAM PATENTS AND SELLS RELATED FUTURE ROYALTIES FOR EUR 20.5 MILLION TO HUMANWELL HEALTHCARE GROUP
07-Jan-2022 / 13:59 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
PAION ASSIGNS CHINESE REMIMAZOLAM PATENTS AND SELLS RELATED FUTURE ROYALTIES FOR EUR 20.5 MILLION TO HUMANWELL HEALTHCARE GROUP
Aachen (Germany), 07 January 2022 - Today, PAION AG, a specialty pharma company (FSE:PA8), and Wuhan Humanwell Innovative Drug Research and Development Center Limited Company, a wholly-owned subsidiary of Humanwell Healthcare (Group) Co Ltd. ("Humanwell"), entered into a patent assignment agreement. Under the agreement, PAION assigns all its Chinese remimazolam patents and sells the related future royalties for remimazolam sales in China due based on the license agreement with Yichang Humanwell to Humanwell against a cash consideration of EUR 20.5 million. Yichang Humanwell will be released from any future royalty payments to PAION.
Since 2012, PAION and Yichang Humanwell, a subsidiary of Humanwell, have had an exclusive remimazolam license agreement for China under which PAION was eligible to receive 5% royalties on net sales.
End of inside information
Information and Explanation of the Issuer to this News:
Dr Jim Phillips, CEO of PAION AG, commented: 'We are pleased to have concluded this agreement with Humanwell. During our highly successful cooperation over the last almost 10 years, our partner has brought remimazolam through regulatory approval in China and is making strong progress in establishing this important product in the market. This significant non-dilutive financing enables us to continue to invest in expanding our European commercial teams for our three approved products in anesthesia and critical care. This will allow us to invest in our own sales growth with the goal of becoming a sustainably profitable specialty pharmaceutical company in the next 3 years.'
About Humanwell
Humanwell Healthcare (Group) Co. Ltd., is a leading Chinese publicly listed pharmaceutical company, which principally engages in the development, manufacturing and distribution of drugs in the fields of anesthetics & analgesics, men's and women's health, Chinese traditional medicine, CNS, and dermatology. Humanwell owns more than 400 drug products globally, with 220 drug candidates in pipeline. With annual sales exceeding USD 3.3 billion and more than 15,000 staff, Humanwell distributes its products mainly in the Chinese and U.S. markets and exports its products to more than 80 countries.
About PAION
PAION AG is a publicly listed specialty pharmaceutical company with innovative drugs to be used in hospital-based sedation, anesthesia and critical care services. PAION's lead compound is remimazolam, an intravenous, ultra-short-acting and controllable benzodiazepine sedative/anesthetic. PAION has started to launch remimazolam (Byfavo(R)) in selected European markets. Remimazolam is partnered in multiple territories outside of Europe. Remimazolam is approved in the U.S., the EU/EEA/UK, China and South Korea for procedural sedation and in Japan and South Korea for general anesthesia.
In addition, PAION markets two intensive care products in selected European countries: Angiotensin II (GIAPREZA(R)), a vasoconstrictor indicated for the treatment of refractory hypotension in adults with septic or other distributive shock, and eravacycline (XERAVA(R)), a novel fluorocycline type of antibiotic indicated for the treatment of complicated intra-abdominal infections in adults.
PAION's mission is to be a leading specialty pharmaceutical company in the fields of anesthesia and critical care by bringing novel products to market to benefit patients, doctors and other stakeholders in healthcare.
PAION is headquartered in Aachen (Germany).
Contact
Ralf Penner
Vice President Investor Relations/Public Relations
PAION AG
Heussstrasse 25
52078 Aachen - Germany
Phone +49 241 4453-152
E-mail r.penner@paion.com
www.paion.com
Disclaimer:
This release contains certain forward-looking statements concerning the future business of PAION AG. These forward-looking statements contained herein are based on the current expectations, estimates and projections of PAION AG's management as of the date of this release. They are subject to a number of assumptions and involve known and unknown risks, uncertainties and other factors. Should actual conditions differ from PAION AG's assumptions, actual results and actions may differ materially from any future results and developments expressed or implied by such forward-looking statements. Considering the risks, uncertainties and other factors involved, recipients should not rely unreasonably upon these forward-looking statements. PAION AG has no obligation to periodically update any such forward-looking statements to reflect future events or developments.
07-Jan-2022 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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