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Aytu BioScience Announces Exclusive ZolpiMist(TM) License to Commercialize Aytu's Oral Spray Sleep Aid in South Korea
Aytu BioScience Licensee SUDA Pharmaceuticals Expands ZolpiMist Global Footprint Through Exclusive Licensing Agreement with Mitsubishi Tanabe Pharma
About this update from Aytu Biopharma, Inc.
[{"type":"text","content":"Aytu BioScience Licensee SUDA Pharmaceuticals Expands ZolpiMist Global Footprint Through Exclusive Licensing Agreement with Mitsubishi Tanabe Pharma CorporationENGLEWOOD, CO / ACCESSWIRE / April 8, 2020 / Aytu BioScience, Inc. (NASDAQ:AYTU) (the \"Company\"), a specialty pharmaceutical company focused on commercializing novel products that address significant patient needs announced today that Australia-based SUDA Pharmaceuticals Ltd (ASX: SUD; \"SUDA\"), a leader in oro-mucosal drug delivery and Aytu's ZolpiMist™ licensing partner outside the U.S. and Canada, has entered into an exclusive license agreement to commercialize ZolpiMist™ in South Korea. The agreement is with Mitsubishi Tanabe Pharma Korea Ltd (MTPK), a wholly owned subsidiary of Mitsubishi Tanabe Pharma Corporation (MTPC) and allows for MTPC to exclusively commercialize ZolpiMist in South Korea.The agreement between SUDA and MTPC is for an exclusive license for, and supply of, ZolpiMist for a term of ten years from first commercial sale. As part of the agreement SUDA will receive an upfront fee, along with a milestone payment based on MTPK obtaining regulatory approval in South Korea, and commercial milestone payments based on MTPK achieving sales targets. SUDA will also receive a double-digit royalty based on net sales of the product in the territory.Aytu will receive of portion of the upfront payment, milestone payments, and royalty payments as part of the global sublicensing agreement between Aytu and SUDA as announced on March 6, 2019.SUDA's obligations include the registration of ZolpiMist with the Australian Therapeutic Goods Administration (TGA) and will be responsible for the supply of ZolpiMist for which SUDA will receive a handling fee.Josh Disbrow, Aytu BioScience's Chief Executive Officer, commented, \"We commend our colleagues at SUDA as they continue to build out the global footprint for ZolpiMist through this licensing agreement in South Korea. Mitsubishi Tanabe is a leading, world-class Japanese pharmaceutical company, and we expect their commercial efforts in South Korea to enable a successful launch and growth of the ZolpiMist brand. We wish both parties well as they pursue regulatory approvals in both Australia and South Korea and, pending such approval, a successful launch of this novel, fast-acting sleep aid.\"About Aytu BioScience, Inc.Aytu Bi...