Nov. 9, 2016
On 9 November 2016, Suda Ltd, a leader in oro-mucosal drug delivery, and Eddingpharm (Asia) Macao Commercial Offshore Limited, a leading Chinese pharmaceutical company, announced that the companies have entered into an exclusive license agreement for the development and commercialization of Suda’s novel ZolpiMist™ oral spray of zolpidem tartrate to treat insomnia in China. Once approved by the CFDA, ZolpiMist would be the first imported fast-acting oral spray of zolpidem tartrate available in China.
Under the terms of the agreement, Suda receives an upfront cash payment of US$300,000 and is entitled to receive a further milestone payment of US$200,000 following registration of the product in China. In addition, once Zolpimist is registered for sale in China, Suda will receive escalating tiered royalties on net sales in the territory. The total value of the deal could exceed US$26 million.