Brief: Oramed Pharmaceuticals And Unit Entered Into Joint Venture Agreement With Hefei Tianhui Biotech And Technowl

Oramed Pharmaceuticals

23/01/2024 22:25

Jan 23 (Reuters) - Oramed Pharmaceuticals Inc  ORMP.O :
    * ORAMED PHARMACEUTICALS INC: ON JAN 22, CO AND UNIT ENTERED
INTO
JOINT VENTURE AGREEMENT WITH HEFEI TIANHUI BIOTECH AND TECHNOWL
LIMITED
    * ORAMED PHARMACEUTICALS INC - ORAMED AND HTIT WILL
INITIALLY HOLD
EQUAL SHARES IN JV, WITH EACH OWNING 50% OF EQUITY
    * ORAMED PHARMACEUTICALS: PARTIES INTEND FOR JV TO INITIATE
PHASE
3 ORAL INSULIN TRIAL IN THE U.S.
    * ORAMED PHARMACEUTICALS INC - UNDER JV AGREEMENT, PARTIES
WILL
ESTABLISH A JOINT VENTURE BASED ON ORAMED'S ORAL DRUG DELIVERY
TECHNOLOGY
    * ORAMED PHARMACEUTICALS INC - ORAMED WILL BE ENTITLED TO
RECEIVE
A 3% ROYALTY ON GROSS REVENUES OF JV GENERATED FROM ORAMED
RELATED ASSETS
    * ORAMED PHARMACEUTICALS INC - UNDER JV, BOARD OF DIRECTORS
WILL
INITIALLY CONSIST OF EQUAL REPRESENTATION FROM HTIT AND ORAMED
    * ORAMED PHARMACEUTICALS INC: HTIT WILL CONTRIBUTE TO JV $70
MILLION IN CASH, WHILE ORAMED WILL CONTRIBUTE $20 MILLION
    * ORAMED PHARMACEUTICALS- HTIT TO HAVE OPTION TO INVEST
EXTRA
FUNDS INTO JV UP TO $20 MILLION, THEREBY INCREASING EQUITY
HOLDINGS & BOARD REPRESENTATION
    * ORAMED PHARMACEUTICALS: UNDER JV, CO TO TRANSFER
INTELLECTUAL
PROPERTY RELATED TO ITS ORAL INSULIN & POD TECHNOLOGY, AND OTHER
ASSETS IN CO'S PIPELINE
    * ORAMED PHARMACEUTICALS- JV TO FOCUS ON DEVELOPMENT OF
PRODUCTS
BASED ON CO'S ORAL INSULIN AND POD(TM) PIPELINE & HTIT'S
MANUFACTURING CAPABILITIES

Source text for Eikon:  ID: 
Further company coverage:  ORMP.O 

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