Press release
Oramed Signs Term Sheet with HTIT to Create a Joint Venture to Advance Oral Drug Delivery Technology Globally
JV will have global marketing rights to oral drug delivery technologyHTIT to invest $60 million, Oramed to invest $10 million into JVHTIT to provide a supply
About this update from Oramed Pharmaceuticals Inc.
[{"type":"text","content":"JV will have global marketing rights to oral drug delivery technologyHTIT to invest $60 million, Oramed to invest $10 million into JVHTIT to provide a supply agreement for oral insulin capsule JV to advance registration of oral insulin in the United States and other countriesNEW YORK, Aug. 2, 2023 /PRNewswire/ -- Oramed Pharmaceuticals Inc. (NASDAQ: ORMP) (TASE: ORMP) (www.oramed.com) announced today that it has signed a non-binding term sheet with Hefei Tianhui Biotech Co., Ltd. (\"HTIT\") to establish a joint venture (\"JV\") based on Oramed's oral drug delivery technology. The proposed JV would focus on the development and worldwide commercialization of innovative products based on Oramed's oral insulin and POD™ (Protein Oral Delivery) pipeline and HTIT's manufacturing capabilities and technologies. The JV is subject to the execution of a binding definitive agreement.\n\"We are thrilled to further our relationship with HTIT, expanding the reach of our oral drug delivery technology to a global market,\" said Oramed Chief Executive Officer, Nadav Kidron. \"HTIT has successfully completed a Phase 3 oral insulin trial and submitted a New Drug Application (\"NDA\") to the National Medical Products Administration (\"NMPA\"), with marketing approval currently pending in China. HTIT has state-of-the-art facilities, manufacturing capabilities and the know-how needed to produce oral insulin on an international scale. This JV is a true opportunity to leverage our strengths as well as those of our partners to fast-track our pipeline towards commercialization.\"\nScope of the Joint Venture\nThe JV would be responsible for developing, marketing and commercializing drug products globally, focusing on Oramed's oral insulin and POD™ technology, as well as other assets in the Oramed pipeline. The parties intend for the JV to initiate a Phase 3 oral insulin trial in the United States.\nStructure of Joint Venture\nOramed and HTIT would initially hold equal shares in the JV, with each owning 50% of the equity. The Board of Directors would initially consist of equal representation from HTIT and Oramed, ensuring that both parties have an equal say in decision-making. As part of the Joint Venture, HTIT will make an initial investment of $60 million, while Oramed will invest $10 million. \nAbout Oramed Pharmaceuticals \nOramed Pharmaceuticals (Nasdaq...