Shanghai Haini Pharmaceutical Co., Ltd. (Shanghai Haini), the subsidiary of Yangtze River Pharmaceutical Group (YRPG), and Allecra Therapeutics (Allecra) announced that the companies have signed an exclusive licensing agreement under which Shanghai Haini will manufacture, develop and commercialize cefepime/enmetazobactam within Greater China, including Mainland China with Hong Kong and Macau, and Taiwan. Under the terms of the agreement, Shanghai Haini will be responsible for manufacturing, development and commercialization of cefepime/enmetazobactam, including commercial manufacturing, and all associated costs, within the licensed territory. Subject to the satisfaction of terms and conditions as set forth in the Exclusive Licensing Agreement, Allecra is to receive an upfront cash payment at signing and is eligible to receive further development and sales milestones for cefepime/enmetazobactam with an overall deal value of $78 million, as well as tiered royalties on sales within the licensed territory. The consummation of the licensing transaction is subject to regulatory approval and other customary conditions precedent. Mr. Iain Buchanan, on behalf of the Allecra Therapeutics board, said: “We are very pleased to sign this agreement with Shanghai Haini. They are one of the top pharmaceutical firms in China and are considered a market leader in the antibiotics space. With their extensive experience and outstanding development and commercialization capabilities, Shanghai Haini is the ideal partner to maximize the opportunity for cefepime/enmetazobactam for this large and important market region.” Mr. Tan Pengfei, the General Manager of Shanghai Haini, commented: “We are pleased to in-license cefepime/enmetazobactam and advance its development for Greater China. There is an urgent need in China, and indeed, globally, to bring new antibiotics to the market that can address critical resistance issues. Cefepime/enmetazobactam will be a welcome addition to the tools that doctors have to help their patients, and we look forward to introducing this antibiotic to hospitals and achieving a win-win collaboration.” A cross-border team of Baker McKenzie life sciences lawyers led by Julia Braun advised Allecra Therapeutics on the legal aspects of the licensing. Staatz Business Development & Strategy acted as corporate finance and transaction adviser on the deal. JunHe LLP provided PRC legal service in connection with the licensing. Delos Capital, an existing investor of Allecra and a global life sciences fund based in Hong Kong, was instrumental with its representatives serving on Allecra's board in working with both parties in completing the transaction.
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