Mauna Kea Technologies and Tasly form a joint venture (JV) to develop,
production and sale of Cellvizio in the Chinese market.
The joint venture also acquires exclusive worldwide rights to develop and commercialize Cellvizio in the areas of neurology and neurosurgery.
Subject to the transfer of certain intellectual property assets and licenses to the JV, Mauna Kea Technologies will receive a 44% stake in the JV, cash payments of $10 million and orders from Cellvizio for 5 years.
This agreement accelerates the strategic repositioning of Mauna Kea announced at the end of 2021.
SHANGHAI, PARIS and BOSTON, July 11, 2022–(BUSINESS WIRE)–Regulatory news:
Webinar | July 12, 2022 5:00 PM CEST
The details of this strategic operation will be presented to you in a special webinar by the company’s management.
The replay will be available on the Mauna Kea Technologies website (https://www.maunakeatech.com/en/investors).
Mauna Kea Technologies (Euronext: MKEA, Mauna Kea) (Paris: MKEA) (OTCQX: MKEAY), inventor of Cellvizio®, a multidisciplinary needle-based confocal laser endomicroscopy (p/nCLE) probe and platform, and Tasly Pharmaceuticals (SH Exchange: 600535, “Tasly”) today announced that they have signed a strategic joint venture agreement (JV).
Under the terms of the agreement, Tasly and Mauna Kea will form a joint venture that will (i) commercialize certain Cellvizio indications in China, (ii) develop and commercialize Cellvizio worldwide in the fields of neurology and neurosurgery, and (iii) manufacture Cellvizio units for the Chinese market. The joint venture will leverage both existing distribution partners and its own marketing network in China to accelerate Cellvizio’s rollout.
In exchange for granting licenses and other intellectual property rights to the joint venture, Mauna Kea will receive cash payments totaling $10 million (€9.94 million), a 44.1% stake in the JV, and a commitment to purchase a minimum number of Cellvizio systems and sensors for 5 years. Mauna Kea’s interest in the JV does not include shares issued by Cenponts Tech Limited in exchange for strategic advisory services provided in connection with the transaction. The JV will be majority owned and financed by Tasly and jointly managed by Tasly and Mauna Kea.
The joint venture will immediately capitalize on Mauna Kea’s position as a world leader in probe-and-needle confocal laser endomicroscopy, with FDA clearance for neurosurgical applications, broad regulatory approvals in the Chinese market, and a significant installed base in China’s most reputable institutions. hospitals.
Sasha Loiseau, PhD, Founder and President of Mauna Kea Technologiessaid: “We are excited to partner with Tasly Pharmaceuticals, Asia Pacific’s leading life sciences company with a global presence. This transaction expands the targeted market for Cellvizio and enhances Mauna Kea’s ability to further invest in new products and clinical research. developments, including molecular imaging and artificial intelligence. This announcement brings to life a strategic repositioning announced in December 2021, namely the formation of effective partnerships in terms of capital, which harness the market power of global biopharmaceutical and healthcare companies while expanding patient access to Cellvizio.”
Kaijing Yang, Chairman of Tasly Pharmaceuticals Group, commented: “The field of biomedical engineering is an important part of Tasly Pharmaceuticals’ second growth strategy. Cooperation with Mauna Kea Technologies will allow us to quickly gain access to large markets in China, which are targeted by numerous clinical applications of confocal laser endomicroscopy. Molecular imaging with Cellvizio is also of great interest to us as Tasly Pharmaceuticals can help the joint venture develop Cellvizio combinations with new molecular markers in line with our vision of delivering integrated solutions from diagnosis to treatment. fruitful and rich cooperation with Mauna Kea Technologies”.
Cenponts Tech Limited and McDermott Will & Emery advised Mauna Kea Technologies on this transaction.
About the pharmaceutical group “Tasly”
Adhering to the company’s mission of “sharing the joy of health with everyone”, Tasly has always promoted the integrated development of traditional Chinese medicine (TCM) and modern medicine. Tasly constantly focuses on three therapeutic areas: cardiovascular diseases, digestive and metabolic diseases, and tumors, which have the largest market share and are developing rapidly in China. The company is committed to research and development in the field of medicines requiring clinical emergency and meet the unmet needs of the Chinese clinical market. Relying on the advantages of the coordinated development of modern TCM, biological medicine and chemical medicine, it sets the strategy for innovative drugs and continues to maintain its industry leadership and R&D and innovation development momentum. For more information visit http://www.tasly.com/
About Mauna Kea Technologies
Mauna Kea Technologies is a global medical device company that manufactures and markets Cellvizio®, a real-time in vivo cellular imaging platform. This technology provides unique in vivo cellular imaging that allows clinicians to track disease progression over time, assess responses as they occur, classify areas of uncertainty, and guide surgical interventions. The Cellvizio platform is used in many countries around the world and in several medical specialties and changes the way doctors diagnose and treat patients. For more information visit www.maunakeatech.com.
This press release contains forward-looking statements regarding Mauna Kea Technologies and its business. All statements, other than statements of historical fact, included in this press release, including but not limited to statements about the financial condition, business, strategies, plans and management objectives of Mauna Kea Technologies with respect to future transactions, are forward-looking statements. Mauna Kea Technologies believes that these forward-looking statements are based on reasonable assumptions. However, no guarantees can be given as to the realization of the projections expressed in these forward-looking statements, which are subject to numerous risks and uncertainties, including those described in Chapter 3 of the 2020 Mauna Kea Technologies Universal Registration Document filed with Autorité. des Marchés financiers (AMF) dated June 17, 2021 under number D-21-0566 and an amendment to the universal registration document filed with AMF on September 17, 2021, both available on the Company’s website (www.maunakeatech.fr). ), as well as risks associated with changes in the economic situation, financial markets and markets in which Mauna Kea Technologies is present. The forward-looking statements contained in this press release are also subject to risks unknown to Mauna Kea Technologies or which Mauna Kea Technologies does not consider material at this time. The realization of all or part of these risks could cause the actual results, financial conditions, performance or achievements of Mauna Kea Technologies to differ materially from the results, financial conditions, performance or achievements set forth in these forward-looking statements. This press release and the information contained herein does not constitute an offer to sell or subscribe, nor an offer to buy or subscribe to Mauna Kea Technologies shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. In some jurisdictions, distribution of this press release may be restricted by local law. Persons into whose possession this document comes are responsible for compliance with all local regulations that apply to this document.
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