research reports and media, page-461

Hi PZ,

Doing a bit of reading to try and confirm....i thought someone asked 51 cap re this at one stage? but, initial prospectus only had the 10 ASEAN countries...

from 51 cap below.... but, nowhere mentions that it is exclusive for the USA that i can find briefly....however, from the below, it reads like PAR would be covered by a patent in the USA.... and therefore, what would be the point of Bene selling to a competitor who can't sell it in the USA without being in breach of the patent.... perhaps the exclusivity is only for countries which we consider worthwhile, but, patents aren't held or effective in.... would make sense...

from 51 Capital report on Bene below

https://hotcopper.com.au/threads/re....4850908/page-5?post_id=39444178#.Xh7PT8gzaUk

Paradigm not only have extensive patent protection over the use of PPS for the numerous indications they have, but they also hold exclusivity of supply from bene. Therefore, even when the drug does come off patent, they may not see any generic competition which would result in no impact to their sales margins. (Similar to the Elmiron example).

The exclusivity agreement between Paradigm and bene is updated each year, or when Paradigm in-license new patents (such as the recent MPS indication). With Paradigm holding patents around the use of PPS to treat various indications, it would be pointless for bene to supply PPS to a competitor - as the competitor could not sell or commercialise a product without violating Paradigm’s patents. Therefore, it's better to work together in a mutually beneficial partnership.
The diagram below illustrates the exclusive supply and license agreement with bene. Paradigm buy PPS from bene (similar to how J&J buy PPS for Elmiron), then when Paradigm successfully commercialises a product using bene’s PPS, they will pay a small royalty back to bene (again, similar to how J&J would on commercial sales of Elmiron).