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NeuroVive to redirect research resources from Asian unit

NeuroVive Pharmaceutical AB will redirect the research resources and activities of its Taiwan-based subsidiary to the parent company.

The continued operations in the Taiwan unit will be sold to current Taiwanese shareholders.

Under the agreement, NeuroVive Pharmaceutical will receive about 5 million Swedish kronor before transaction costs. The company and its collaboration partner, Foundation Asia Pacific Ltd., will also reacquire NeuroVive's Hong Kong-based unit, NeuroVive Pharmaceutical Asia Ltd.

The Hong Kong unit holds the Asian territorial licensing rights for the company's NeuroSTAT for the prevention of moderate to severe traumatic brain injury, as well as agreements with China-based Sihuan Pharmaceutical and Sanofi Korea. It will be owned 82.5% by NeuroVive Pharmaceutical and 17.5% by Foundation Asia Pacific Ltd., while other assets previously licensed to the NeuroVive Asia group will also be returned to NeuroVive Pharmaceutical.

The restructuring is parallel to the company's dual business model, which focuses on early projects for large specialist indications for out-licensing and proprietary clinical development of orphan disease projects.

As of Jan. 24, US$1 was equivalent to 8.84 Swedish kronor.