Press Release 22 June 2016 at 8.00 a.m. EEST
Orion Corporation, a Finnish pharmaceutical and diagnostics company, announced today that it has entered into a global strategic collaboration agreement with Japanese Asahi Kasei Pharma for the discovery, development and commercialisation of assets in pain management.
The agreement comprises a total of four discovery phase candidates, two from Asahi Kasei and two from Orion. The collaboration allows both companies to exclusively license the others' development-ready programs at pre-determined stages. The companies will co-develop the assets coming out of this collaboration and share all development costs.
Orion will have exclusive marketing rights in Europe and Central-Asia, while Asahi Kasei will retain exclusive marketing rights for East Asia, Southeast Asia and South Asia (excluding Afganistan and Pakistan). The companies will pay cross royalties to each other on sales from their respective territories, and will mutually decide the most effective method to maximise product opportunities in rest of the world (ROW) territories, including USA, and share ROW revenues.
"I am very pleased with the collaboration agreement with Asahi Kasei. By joining forces and resources we aim to bring new innovative treatment options for the benefit of patients faster and more efficiently. The agreement is also perfectly in line with Orion's R&D strategy to focus on risk-and-reward-sharing partnerships. We look forward to developing new pain management therapies for the patients jointly with Asahi Kasei", says Reijo Salonen, MD, PhD, Senior Vice President, Pharmaceutical Research and Development and Chief Medical Officer at Orion Corporation.
About Asahi Kasei Pharma
Asahi Kasei Pharma Corporation, headquartered in Tokyo, Japan, is a research-based health care innovator that discovers, develops, manufactures, and markets pharmaceuticals and diagnostic products. Asahi Kasei Pharma is a wholly owned business unit of Asahi Kasei Corporation, a US$18 billion technology company that provides innovative, science-based solutions to a diverse range of markets including health care, chemicals and fibers, housing and construction materials, and electronics. For more information, please visit the Asahi Kasei Corporation website at www.asahi-kasei.co.jp.
Orion is a globally operating Finnish company developing pharmaceuticals and diagnostic tests - a builder of well-being. Orion develops, manufactures and markets human and veterinary pharmaceuticals, active pharmaceutical ingredients and diagnostic tests. The company is continuously developing new drugs and treatment methods. The core therapy areas of Orion's pharmaceutical R&D are central nervous system (CNS) disorders, oncology and respiratory for which Orion develops inhaled Easyhaler® pulmonary drugs.
Orion's net sales in 2015 amounted to EUR 1,016 million and the Company had about 3,400 employees. Orion's A and B shares are listed on Nasdaq Helsinki.
Orionintie 1A, FI-02200 Espoo, Finland
Twitter: @OrionPharma & @OrionCorpIR
Reijo Salonen, SVP, Pharmaceutical Research and Development and Chief Medical Officer, Orion Corporation
tel. +358 50 966 3647