Luoxin Pharmaceuticals adheres to our corporate mission of ‘Delivering Health’, and we look forward to working with Synergy on our mutual goal of making TRULANCE available to as many patients and their health care providers as possible. We believe TRULANCE ® will bring a great amount of value to our arsenal of solutions to fight these conditions. “Over the years, Luoxin Pharmaceuticals has established a strong product line of proton pump inhibitors to treat gastrointestinal diseases, and we are conducting a Phase III clinical trial on LXI-15028 (CJ-12420), a p-CAB inhibitor licensed in from the Korean pharmaceutical company CJ Healthcare and recently approved by Korean health authorities, which will further enrich our product line in digestive system. “We are pleased to partner with Synergy to bring this exciting new treatment option to benefit millions of patients suffering from these chronic gastrointestinal conditions in China,” said Baoqi Liu, Chairman of Luoxin Pharmaceuticals. Paulson, who rose to fame after a short bet on the subprime mortgage bubble in 2007, decreased his position in Synergy Pharmaceuticals (SGYP) by 71. We look forward to supporting the Luoxin team in their efforts to bring TRULANCE to patients suffering from CIC and IBS-C in China.” "This partnership builds on the Canadian licensing deal we announced for TRULANCE earlier this year and demonstrates our team’s continued execution towards our key business priorities of optimizing the value of TRULANCE, ensuring a strong financial foundation, and continuing to explore all strategic business development opportunities. “Luoxin is a leading pharmaceutical company in China with strong capabilities for successfully delivering TRULANCE to patients in its market,” said Troy Hamilton, Chief Executive Officer of Synergy Pharmaceuticals Inc. Yafo Capital acted as a financial advisor on this transaction. In addition, Synergy is eligible to receive tiered royalty payments on aggregate net sales. Luoxin will lead clinical development in China and be responsible for all activities and expenses relating to clinical development, regulatory approval, and commercialization in China. Synergy is also eligible, in the event that certain regulatory and commercial milestones are met, to receive additional payments of up to $56 million in aggregate. Synergy Pharmacy employs the most advanced technology designed specifically for todays long-term care industry. Under the terms of the agreement, Synergy will receive an upfront payment of $12 million. Synergy’s flagship product, Trulance (plecanatide) is a once-daily tablet approved for adults with chronic idiopathic constipation (CIC) and irritable bowel syndrome with constipation (IBS-C), and its investigational compound, dolcanatide, is an incremental peptide with established proof-of-concept studies in multiple GI conditions.Synergy Pharmaceuticals recently announced that the company has entered into a license agreement with Luoxin Pharmaceutical Group, Shandong providing Luoxin with exclusive rights to develop and commercialize Synergy’s lead product TRULANCE (plecanatide) for the treatment of adults with chronic idiopathic constipation (CIC) and irritable bowel syndrome with constipation (IBS-C) in mainland China, Hong Kong and Macau. Subject to approval of the Bankruptcy Court and the satisfaction or waiver of certain other closing conditions, the transaction is expected to close shortly after receipt of approval of the sale. The hearing to approve the sale is scheduled for March 1, 2019. Under the terms of the agreement, Bausch Health served as the stalking horse bidder in a sale process, which Synergy conducted pursuant to Section 363 of the Bankruptcy Code and court-approved bidding procedures. At that time, Bausch Health entered into a definitive agreement to acquire certain assets of Synergy. Bankruptcy Court for the Southern District of New York. As previously announced, in December 2018, Synergy filed a voluntary petition for reorganization under Chapter 11 with the U.S.
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