Paris, France, on may 10, 2017 at 06: 45 (CEST) – Pharnext SA (FR00111911287 – ALPHA), a biopharmaceutical company pioneering a new approach to developing innovative medicines based on the combination and the repositioning of known drugs, announced today the signing of a strategic agreement with Tasly Pharmaceutical (Shanghai : 600535), group belonging to the top 10 pharmaceutical companies in chinese listed companies. This partnership includes three axes : a financial investment of Tasly in Pharnext ; the development, through a common platform, a new pipeline of synergistic combinations ; the license for the chinese market, the leading product of Pharnext.
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Pharnext has asked Euronext to the effective resumption of the listing of its stock price on Wednesday, 10 may 2017 from the opening of the Paris stock Exchange (9: 00).
As a reminder, the quotation of the Stock had been suspended at the request of the company and in agreement with the Autorité des Marchés Financiers, on Tuesday 9 may 2017-14: 30 (Paris time).
The major chord mentioned above is composed as follows :
An investment of 20 million euros of Tasly in Pharnext, at a price including a substantial premium to the current market price, of which 5 million euros in shares, at a price of 12.5 euros and 15 million euros in convertible bonds at a conversion price of 13 euros per share.
The creation of a “Joint Venture” (JV) for research and development, held as to 30% by Pharnext, to develop new combinations of molecules. Programs will be continued in several indications, especially in the therapeutic areas of cardiovascular and oncology. The two companies will pool their know-how : Pharnext in the development of synergistic combinations of drugs and Tasly in the use of the wealth of the traditional chinese medicine. Once the proof of concept of the combination of molecules determined in Humans, the marketing rights will be allocated between Pharnext and Tasly, or licensed to third parties.
A license agreement for development and commercialization in the JV drug candidate PXT3003 for Charcot-Marie-Tooth disease type 1A, in the chinese market.
“This strategic partnership with Tasly is a major step : it confirms the global interest and the value of our innovative technological platform, PLEOTHERAPY. This partnership will provide access to new markets and new indications to the technology and products of Pharnext, while incorporating components of traditional chinese medicine modernized, ” says the Pr. Daniel Cohen, M. D., Ph.D., Co-founder and ceo of Pharnext. “We are very pleased and honoured to cooperate with Tasly, a visionary company, the meteoric history, which revolutionized the use of traditional chinese medicine in a modernized form. ”
“We are delighted to enter into a major partnership with Pharnext,” says Mr. Yan Kaijing, President and ceo of Tasly Pharmaceuticals. “This Joint Venture we are creating has the potential to generate a portfolio robust new therapies. This partnership allows us to make a significant investment in Pharnext, and gives us the marketing rights on the chinese market for their product the most advanced in the Charcot-Marie-Tooth disease type 1A. By relying both on the benefits of the platform R&D of Tasly and its implementation concentrated in the hospital network chinese ; and on the remarkable technology of drug discovery of Pharnext, we will develop combinations of drugs with a high potential to address unmet medical needs. Based on the pharmacology of biological networks of diseases, this partnership will allow us to harness the immense potential of the drugs originating from traditional chinese medicine modernized, thanks to a precise characterization and a new mechanism of action for each combination. ”
Pharnext is a biopharmaceutical company with an advanced stage of development founded by scientists and entrepreneurs of repute, including Professor Daniel Cohen, a pioneer of the genomics modern. Pharnext has two products in clinical development. PXT3003 is in Phase 3 of the international Charcot-Marie-Tooth disease type 1A, and it has orphan drug status in Europe and the United States. PXT864 has obtained the results of Phase 2 positive in the Alzheimer’s disease. Pharnext is the pioneer of a new paradigm of drug discovery: PLEOTHERAPY. The company identifies and develops synergistic combinations of repositioned drugs low-dose. These PLEODRUG would have many important benefits : efficiency, safety, and strong intellectual property including several patents for product already delivered. Pharnext is supported by a scientific team of international repute.
Pharnext is listed on the Alternext market of Euronext in Paris (ISIN code : FR00111911287).
For more information, log on to www.pharnext.com
The Group Tasly Pharmaceutical Co., Ltd. is listed on the Shanghai stock exchange since August 2002 (Shanghai : 600535). The concept of the company is : “Share the joy of being in good health with all” and its mission : “to Improve the quality of life of the Man “. Tasly is fully committed to promote the integration of traditional chinese medicine (TCM) with the medical technologies and modern pharmaceutical. The company is also committed to build the first international brand of medication after the TCM updated. “To become the world leader in the TCM modernized and the pioneer of the new scientific standards associated with these products” is our goal. To reach it, Tasly will strive to raise the TCM modernized to the standards of the international pharmaceutical. To support its strategy of international development, Tasly has set up a chain of industrial manufacturing in full compliance with the international operator in a manufacturing system intelligent. Based on its policy of innovation and growth ” Two Wheel of Innovation and Capitalization “, Tasly has developed several competitive advantages key such that : its R&D model, the multiple specificity of its products, the intellectual property rights of its products, as well as its sales network and marketing.
For more information, log on to www.tasly.com
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