Paion - Commercialisation of remimazolam underway

Paion has gained approvals in the US, China and Japan for its fast-onset, short-recovery anaesthesia product remimazolam. In the US, partner Acacia is expected to launch it in Q420 for procedural sedation (PS). In Japan, Mundipharma launched it in Q320 for general anaesthesia (GA). In China, Yichang Humanwell launched it for PS in August with GA trials ongoing. Initial European PS approval is expected by H121. European marketing will be either direct or by using regional partners. Paion indicates that it has cash until H221. Our valuation is €283m.