Paion has reported positive data from the first pivotal US study of its ultra-short-acting sedative remimazolam in procedural sedation. Induction and recovery from sedation was faster for remimazolam than the widely used drug midazolam, showing remimazolam could speed patient throughput in colonoscopy screening. Paion out-licensed US rights to Cosmo Pharmaceuticals for c €20m cash, €42.5m milestones and a 20-25% royalty. A second pivotal study is expected to complete recruitment in Q217. Our valuation moves to €208m (€3.74/share) vs €203m (€3.65/share) as higher US/Canada uptake is partially offset by uncertainty about EU development.

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