Hyloris Hyloris' partner AFT out licences Maxigesic IV in China

Hyloris announced that its partner AFT Pharmaceuticals has signed an exclusive licensing agreement for Maxigesic IV (1000mg paracetamol with 300mg ibuprofen) for China with a subsidiary of Xizang Weixinkang Pharmaceutical. Hyloris will be eligible for a share of the $300K upfront received by AFT, as well as milestones and royalties. Details on the development plans in China have not been disclosed, though we believe a local trial would likely be required to gain approval by the Chinese NMPA (national medical products administration). We plan to incorporate this new region in our model at a later date. For reference, we expect Maxigesic IV to generate peak royalty income of € 15m for Hyloris in the US and EU combined. We reiterate our € 5 TP and Hold rating.