Foley Hoag Advises Zosano Pharma on Exclusive Licensing Agreement with Eli Lilly

January 6, 2015

Foley Hoag LLP advised Zosano Pharma Corporation (Zosano), a private biopharmaceutical company and a pioneer in the field of transdermal drug delivery, in its exclusive licensing agreement with Eli Lilly and Company to develop ZP-PTH -- Zosano’s proprietary formulation of parathyroid hormone 1-34 (PTH) -- using Zosano’s microneedle patch system for the treatment of osteoporosis patients.

Under the terms of the agreement, Zosano has granted Lilly an exclusive worldwide license to commercialize ZP-PTH. Lilly will make an equity investment of up to $15 million in Zosano concurrent with the consummation of Zosano’s initial public offering of equity securities, and will make payments of up to a total of $300 million upon achievement of certain regulatory and sales milestones. Zosano is also eligible to receive double-digit royalties on sales of products in major markets and will receive reimbursement of manufacturing costs.

Zosano is a clinical stage specialty pharmaceutical company that has developed a proprietary transdermal microneedle patch system to deliver its proprietary formulations of existing drugs through the skin for the treatment of a variety of indications.

Foley Hoag attorney Joel Needleman advised Zosano on the agreement, with assistance from Jeffrey QuillenHemmie Chang and Karen Tepichin.

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