In December 2017 Paion granted Mundipharma an exclusive licence to develop and commercialise its ultra-short-acting sedative/anaesthetic remimazolam in Japan. Paion is on track to file for approval in both Japan (for general anaesthesia, GA, via Mundipharma) and the US (in procedural sedation via partner Cosmo Pharmaceuticals) within the next 12 months. It plans to initiate a GA Phase III trial in Europe in H218 and intends to self-commercialise remimazolam if it gains marketing approval in Europe. Anticipated filing milestones of €9.5m would extend the funding runway into H219 and beyond top-line data from the EU Phase III expected mid-2019. We increase our valuation to €269m or €4.40 per share, from €260m or €4.25 per share.

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