McDermott Advises Specialty Pharma Firm PAION on Exclusive License Agreement with TTY
Frankfurt, March 10, 2021 – McDermott Will & Emery advised PAION AG, a specialty pharma company, on entering into an exclusive license agreement for the development and commercialization of PAION’s lead drug candidate, Remimazolam, with TTY Biopharm Company Limited in Taiwan.
Under the terms of the agreement, TTY has the right and obligation to further develop Remimazolam in all indications in Taiwan with PAION’s support. TTY will bear all cost for market authorization and distribution. PAION will receive a €1.1 million upfront payment in return for supplying the drug product at a percentage of the net selling price in Taiwan with minimum supply price guarantees.
PAION AG is a publicly listed specialty pharmaceutical company headquartered in Aachen (Germany) with an additional site in Cambridge (United Kingdom). Remimazolam is an ultra-short-acting and reversible intravenous benzodiazepine sedative/anesthetic. It is approved in the U.S. and China for procedural sedation and in Japan and South Korea for general anesthesia. In Europe, PAION submitted a Marketing Authorization Application (MAA) to the European Medicines Agency (EMA) in procedural sedation in November 2019.
Established in 1960, TTY Biopharm Company Limited, a publicly listed pharmaceutical company, has transformed in the last fifty years from a production and sales-oriented generic manufacturing facility into a development and marketing-focused company of branded generics.
McDermott Will & Emery partners with leaders around the world to fuel missions, knock down barriers and shape markets. Our team works seamlessly across practices and industries to deliver highly effective — and often unexpected — solutions that propel success. More than 1,200 lawyers strong, we bring our personal passion and legal prowess to bear in every matter for our clients and the people they serve.