Orion Corporation has entered into an agreement with Chinese Jemincare, through which Orion will receive exclusive global development and commercialization rights, excluding the Greater China area (mainland China, Hong Kong, Macau and Taiwan), for a potent and selective NaV 1.8 blocker for the treatment of acute and chronic pain.
Orion will also receive ownership to certain key patent applications relating to the compound within its own territory.
According to the agreement, Orion has the right to develop and commercialize the asset in its territory. Orion will be fully responsible for its own development and commercialization costs. In addition, Orion will manufacture the products, including active pharmaceutical ingredient, for its markets.
A EUR 15 million upfront payment
Under the terms of the agreement, Orion will pay Jemincare a EUR 15 million upfront payment, in addition to which Jemincare is upon achievement of certain development, commercialization and sales targets entitled to receive milestone payments, which may be significant. In addition, Jemincare is eligible to receive tiered royalty of 8% to 15% on future sales in Orion territory.
“We are excited about this agreement and are looking forward to taking this compound to clinical studies later this year. Pain is one of the most frequently reported reasons for a patient to visit a health care provider and it generates a significant societal burden in terms of health care utilisation and lost productivity. There is a high unmet need for new non-addictive treatment options with improved efficacy and safety profiles. NaV 1.8 channel is known pain transmission pathway and is thus a promising target for novel pain treatments,” said Outi Vaarala, Senior Vice President of Research and Development at Orion.
Photo of Outi Vaarala: Orion