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Prometic Life Sci inks JV and license deal in China for three pipeline candidates; investors unimpressed, shares off 2%

Published 08/14/2017, 10:31 AM
© Reuters. Prometic Life Sci inks JV and license deal in China for three pipeline candidates; investors unimpressed, shares off 2%
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  • Prometic Life Sciences (OTCQX:PFSCF -2.4%) enters into licensing agreements with affiliates of Shenzhen Royal Asset Management Co., Ltd., related to its previously announced joint venture. The new contracts cover the development, manufacturing and commercialization of PBI-4050, PBI-4547 and PBI-4425 in China. A new subsidiary has been formed, Prometic ChinaCo, whose initial focus will be on pulmonary and liver fibrosis.
  • Under the terms of the deal, Shenzhen will provide $33M in funding, $23M of which will be deployed in H2, followed by additional tranches next year. Shenzhen's ownership stake in Prometic ChinaCo will increase to as high as 25% when the funding is completed.
  • Prometic ChinaCo will be able to extend sub-licenses in China and will receive royalties on net sales from such agreements.
  • PBI-4050 and PBI-4547 are candidates to treat fibrosis. PBI-4425, an analogue of PBI-4050, is a candidate to treat pulmonary emphysema and cutaneous hyperplasia (pink/red bumps on the skin).
  • Now read: Chiasma's (CHMA) Regulatory Update Call - Slideshow


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