At the end of 2017, we transferred the FYB202 project to a joint venture entity called “FYB 202 GmbH & Co. KG”, in which Formycon holds a 24.9 percent interest. The remaining 75.1 percent is owned by Berlin-based Aristo Pharma GmbH, which is part of Strüngmann Group. Under the terms of the deal, all development costs incurred subsequent to the pilot phase, as well as all prior project investments, will be allocated in proportion to the respective ownership shares.
Likewise, both of the joint venture partners will share any future income from out-licensing or product sales in proportion to their ownership shares. The objective of the joint venture is to drive forward with the development of FYB202 all the way through to regulatory approval. As with FYB201 and FYB203, Formycon will act as a service provider in carrying out portions of the remaining development work. Should the project proceed as planned, market launch would take place in the United States and in the European Union after expiration of the reference product’s patent protection.