Sirona Biochem signs LoI with leading Chinese diabetes company

22 August 2013

Canada’s Sirona Biotech (TSX VENTURE:SBM) has signed a letter of intent to provide an exclusive license to Wanbang Pharma to develop and commercialize Sirona's SGLT2 inhibitor in the People's Republic of China (PRC).

In exchange for this license, Sirona will receive upfront and milestone payments of up to $9.5 million on the successful achievement of development and regulatory milestones and then royalty payments for product sales in the PRC.

Under the terms of the LOI, Wanbang, a subsidiary of Fosun Pharmaceutical Group (SHA:600196), will assume responsibility for funding and leading all clinical studies required for Chinese Food and Drug Administration approval. Sirona will be provided all clinical study results to support new regulatory applications outside of PRC.

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