The patent term of Paion’s new US patent covering the crystalline form of remimazolam besylate has been extended by 4.3 years due to delays in the US patent office. This will extend US market exclusivity for the ultra shortacting anaesthetic to late 2031 vs our previous expectation of 2027, which leads us to increase our valuation to €203m from €182m. We look toward to the outcome of the pre-NDA meeting in Japan (Q116) and results from the US colonoscopy Phase III as potential near-term catalysts.
