Jaguar Health signs term sheet for license, commercialization agreement

Jaguar Health has signed a binding term sheet covering the exclusive license and commercialization agreement for Jaguar’s novel plant-based, FDA-approved prescription drug crofelemer with Turkish specialty pharmaceutical company Gen Ilac Ve Saglik Urunleri Sanayi Ve Ticaret. The Agreement will entail a $2 million investment by GEN in Jaguar stock at a 75% premium to the market price, payment of double-digit royalties to Jaguar on all finished crofelemer products sold in the licensed territory, and transfer pricing terms for crofelemer supplied by Jaguar. As a result of this investment, GEN will own 6.7% of the shares of Jaguar common stock outstanding as of March 18, 2024. The Agreement will cover Jaguar’s FDA-approved indication of crofelemer for HIV-related diarrhea and all potential crofelemer follow-on indications, including cancer therapy-related diarrhea – the subject of Jaguar’s placebo-controlled pivotal Phase 3 OnTarget trial, as well as the rare disease indications short bowel syndrome and microvillus inclusion disease, and any other possible future human indications for crofelemer. The Agreement will allow GEN to manufacture crofelemer finished product and market the drug for all above-referenced indications in Turkey, Belarus, Ukraine, Azerbaijan, Uzbekistan, Kazakhstan, Turkmenistan, Russia, and Georgia following GEN’s receipt of regulatory approval for crofelemer for these indications in these countries.