1.Date of occurrence of the event:2022/02/23
2.Company name:OBI Pharma Inc.
3.Relationship to the Company (please enter ”head office” or ”subsidiaries”):Head office
4.Reciprocal shareholding ratios:Not applicable
5.Name of the reporting media:Economic Daily page A13, etc.
6.Content of the report:
“OBI last day(Feb. 22) announced the license agreement with Odeon Therapeutics for the rights of OBI-999 and OBI-833 in China, Hong Kong and Macau. Licensing agreement terms include upfront and milestones totaling up to US$ 200 million (Approximately NTD$ 5.5 billion). The company is also eligible to receive tiered double-digit royalties on net sales.”
“The company is also eligible to receive tiered double-digit royalties on net sales.”
“The company is also eligible to receive tiered double-digit royalties on net sales if the drugs launch in the future.”
7.Cause of occurrence:Clarification and supplementary explanation on news article.
8.Countermeasures:
OBI Pharma enters license agreement with Odeon Therapeutics for the rights of OBI-999 and OBI-833 in China, Hong Kong and Macau. Odeon will issue to OBI fully paid equity equivalent to US$ 12 million upon signing. OBI is eligible for development and commercialization milestones totaling up to US$ 188 million, which makes the upfront and milestones totaling up to US$ 200 million. The company is also eligible to receive tiered double-digit royalties on net sales. Milestone and royalties will be disclosed in financial reports upon achievement of other licensing terms pursuant to the regulations. Please refer to the Company’s material information announcement on 2022/02/22.
9.Any other matters that need to be specified:New drug development is a long process associated with high costs. It is not a guaranteed success, which may increase the risk of investment. Investors shall make prudent judgments and investment decisions.