Finland's Orion Corporation has entered into an agreement with Chinese Jemincare, through which Orion will receive exclusive global development and commersialisation rights, excluding the Greater China area (mainland China, Hong Kong, Macau and Taiwan), for a potent and selective NaV 1.8 blocker for the treatment of acute and chronic pain. Orion will also receive ownership to certain key patent applications relating to the compound within its own territory.

According to the agreement, Orion has the right to develop and commercialise the asset in its territory. Orion will be fully responsible for its own development and commercialisation costs. In addition, Orion will manufacture the products, including active pharmaceutical ingredient, for its markets.

Under the terms of the agreement, Orion will pay Jemincare a EUR 15 million upfront payment, in addition to which Jemincare is upon achievement of certain development, commercialisation and sales targets entitled to receive milestone payments, which may be significant. In addition, Jemincare is eligible to receive tiered royalty of 8% to 15% on future sales in Orion territory.