Upsher-Smith Laboratories, Inc.

Upsher-Smith (Proximagen) – Neurological Disorders

Upsher-Smith Laboratories, Inc. (“Upsher-Smith”), founded in 1919, is a growing, fully integrated pharmaceutical company dedicated to its mission of delivering high-value, high-quality therapies and solutions which measurably improve individuals’ lives. Upsher-Smith has a particular focus on developing therapies for people living with central nervous system (CNS) conditions, such as seizure disorders. Since 2012, Proximagen Ltd. (“Proximagen”) has been a wholly-owned subsidiary of Upsher-Smith. With an integrated drug discovery facility based in Cambridge, UK, Proximagen acts as Upsher-Smith’s research and early development institute. Proximagen and its predecessor companies have a long heritage in discovery and development of novel small molecules, in particular in the areas of CNS, pain and inflammation.

In January 2016, Saniona and Upsher-Smith Laboratories, through its wholly-owned UK subsidiary Proximagen, entered into a drug discovery and development collaboration for neurological disorders. Proximagen has exclusive worldwide rights to develop, manufacture and commercialize medicines identified through the collaboration. Saniona will receive upfront and research funding during the research period as well as milestone payments upon the achievement of certain research, development and regulatory milestones. The potential value of the milestone payments is up to US$30 million. In addition, Saniona will receive tiered royalties on net sales of any potential products commercialized by Proximagen as a result of this collaboration.