Brief: Paion Announces Licensing Agreement With La Jolla Pharmaceutical

PAION AG

12/01/2021 12:44

Jan 12 (Reuters) - PAION AG  PA8G.DE :
    * ​​​​​​​PAION ANNOUNCES EXCLUSIVE LICENSING AGREEMENT WITH 
LA
JOLLA PHARMACEUTICAL FOR GIAPREZA(TM) (ANGIOTENSIN II) AND
XERAVA(TM) (ERAVACYCLINE) IN EUROPE
    * LA JOLLA PHARMACEUTICAL COMPANY TO RECEIVE USD 22.5
MILLION
UPFRONT PAYMENT, UP TO USD 109.5 MILLION IN COMMERCIAL MILESTONE
PAYMENTS, AND DOUBLE-DIGIT TIERED ROYALTY PAYMENTS
    * LA JOLLA IS ALSO ENTITLED TO ROYALTIES ON PAION'S OWN NET
SALES
IN EUROPE IN AMOUNT OF 15% FOR XERAVA(TM) AND BETWEEN 18% AND
24% FOR GIAPREZA(TM) AND A SHARE OF REVENUES FROM INDIRECT SALES
    * PAION PLANS TO HAVE LAUNCHED ALL THREE PRODUCTS BY END OF
2021.
    * WILL USE CURRENT CASH AT HAND OF CLOSE TO EUR 22 MILLION
(AS OF
TODAY) TO SETTLE UPFRONT PAYMENT AND WILL DRAW FIRST TWO
TRANCHES OF LOAN FACILITY FROM EUROPEAN INVESTMENT BANK (EIB) IN
AMOUNT OF EUR 12.5 MILLION

Source text for Eikon:  ID:nEQ59Zdp5a 
Further company coverage:  PA8G.DE 

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