What's the deal with Innovon?Does anyone know anything about PL having the exclusive right to commercialize PBI-1402 if PLI stops development?
Based on the following taken from the Annual Information Form dated March 20 2008 (posted in SEDAR). PL gets royalties of 1-3% on PLI's revenues from PBI-1402 and PBI 1101 if a deal goes through (not great but at least this gives PL added incentive for a deal), but gets his company gets the exclusive right to commercialize PBI-1402 and PBI-1101 if development stops.
This stinks. PL personally gets 1-3% if he negotiates a deal for PLI, but can scoop the whole thing if he does not work out a deal. I want PBI-1401to be commerialized by BigPharma and not Innovon thank you very much! Unfortunately this arrangement may give the person negotiating for PLI an incentive to not make a deal for PLI.
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12 – INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS
Mr. Pierre Laurin, via his company, Innovon Pharmaceuticals Inc., is entitled to receive
royalties based on the sales of PBI-1402 and PBI-1101. These royalties vary between
0.1% and 0.3% of net sales or between 1% and 3% of revenues received by ProMetic
BioSciences Inc. (“PBI”). Mr. Laurin also has the exclusive right to commercialise these
products should PBI decide to stop developing PBI-1402 or PBI-1101, and/or
commercialising said products, subject to mutually acceptable terms and conditions.