Jaguar Health, Inc. (NASDAQ: JAGX) today announced that the legally required “Golden Powers” process, enacted by the Italian government in response to the pandemic for pharmaceutical transactions with foreign participation, was successfully completed and that the merger of Jaguar’s Italian subsidiary Napo EU S.p.A. and Dragon SPAC S.p.A. is expected to be effective within a week.
“We are thrilled that the Italian government has granted Napo EU and Dragon SPAC clearance to proceed with the merger. As previously announced, the combined entity will have the exclusive license agreement with Jaguar to the crofelemer pipeline in Europe, which includes requirements for typical up-front license fees, milestone payments, royalties, and a drug supply agreement. Jaguar also maintains a meaningful majority equity interest in the combined entity, which will retain the name Napo EU S.p.A.,” stated Lisa Conte, Jaguar’s president, and CEO and Napo EU board member. “Looking further ahead, we would expect to seek a public listing for Napo EU on a European exchange.”
As announced on September 15, 2021, the European Medicines Agency (EMA) has confirmed receipt of the Orphan Drug Designation application for crofelemer for short bowel syndrome (SBS) submitted by Napo EU. Crofelemer has received orphan‑drug designation from the U.S. Food and Drug Administration for SBS. Napo EU’s initial pursuit is the conditional marketing authorization pathway from the EMA for crofelemer in SBS with intestinal failure.
“With key management for Napo EU already identified, we look forward to collaborating with and growing the Napo EU team in Italy in support of Napo EU’s very important mission to expand access to crofelemer in Europe (excluding Russia) for multiple unmet gastrointestinal medical needs in the region,” added Conte.
Forward-Looking Statements
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Certain statements in this press release constitute “forward-looking statements.” These include statements related to Jaguar’s expectation that the merger of Napo EU S.p.A. and Dragon SPAC S.p.A. will be effective within a week, and Jaguar’s expectation that looking further ahead, Napo EU will seek a public listing for Napo EU on a European exchange. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “aim,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements in this release are only predictions. Jaguar has based these forward-looking statements largely on its current expectations and projections about future events. These forward-looking statements speak only as of the date of this release and are subject to several risks, uncertainties, and assumptions, some of which cannot be predicted or quantified and some of which are beyond Jaguar’s control. Except as required by applicable law, Jaguar does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances, or otherwise.
Source: Biospace