Eyu Biopharma Inks $270M+ Deal with Praxis Precision Medicines for CNS Drug Ulixacaltamide in Greater China

● This collaboration fully leverages Yuanyi Biotechnology’s expertise in the development and commercialization of central nervous system (CNS) therapeutics to address significant unmet patient needs

● Praxis will receive a $15 million upfront payment and is eligible for up to $264 million in milestone payments as well as tiered royalties

Boston, USA and Shanghai, China, January 8, 2024 – Yuanyi Biotechnology (Shanghai) Co., Ltd. (“Yuanyi Biotech”), a company incubated by Bain Capital Private Equity, announced that it has entered into an exclusive collaboration and license agreement with Praxis Precision Medicines, Inc. (NASDAQ: PRAX, “Praxis”). Under the agreement, Yuanyi Biotech will develop and commercialize ulixacaltamide for the treatment of essential tremor in the Greater China region. Yuanyi Biotech is a clinical-stage biopharmaceutical company headquartered in Shanghai, China, focused on the development and commercialization of central nervous system (CNS) therapeutics. Praxis is a clinical-stage biopharmaceutical company translating genetic insights into therapies for CNS diseases characterized by an imbalance of neuronal excitation and inhibition.

Chen Xiaoxiang, CEO of Yuanyi BiotechnologyIndicates:Essential tremor is a significant public health issue, affecting at least 10 million people in China, while the pipeline of novel or potential therapies remains limited. Ulixacaltamide holds the potential to provide an innovative, effective, and safe treatment for this condition. We are excited to collaborate with Praxis Precision Medicines, Inc. to bring this innovative therapy to patients in Greater China.

Jia Zhu, Partner and Co-Head of Asia Private Equity at Bain CapitalIndicates:Yuanyi Biotechnology is an innovative biopharmaceutical company incubated by Bain Capital in Shanghai, China in recent years, led and managed by Dr. Chen Xiaoxiang, who brings extensive industry experience. We are delighted to see that, following the successful in-licensing of Marinus Pharmaceuticals’ investigational drug ganaxolone in 2023 and the attainment of priority review status, Yuanyi Biotechnology continues to precisely and efficiently identify global innovative therapies for central nervous system (CNS) disorders, thereby addressing the needs of a broad patient population in China. We believe that China’s biopharmaceutical industry will be driven by genuine differentiation and innovation, with cross-border resource integration serving as a powerful lever to seize this opportunity. Bain Capital remains committed to leveraging its global life sciences expertise and resources to build Yuanyi Biotechnology into a CNS-focused innovation platform rooted in China and oriented toward the global market.

Marcio Souza, President and Chief Executive Officer of Praxis“Currently, there remains a significant unmet need among patients with essential tremor in China. Our collaboration with Yuanyi Biotechnology represents an important step toward bringing the innovative ulixacaltamide therapy to these patients. We are impressed by Yuanyi Biotechnology’s strong leadership team, which possesses extensive experience in the development and commercialization of central nervous system therapeutics. We look forward to establishing a robust partnership with Yuanyi Biotechnology.”

As part of the collaboration agreement, Praxis will receive a $15 million upfront payment, comprising $5 million in cash and a $10 million investment in ordinary shares. In addition, Praxis is eligible to receive up to $264 million in development, regulatory, and commercialization milestone payments, as well as tiered royalties on net sales in the Greater China region.

Yuanyi Biotechnology (Shanghai) Co., Ltd. is a clinical-stage biopharmaceutical company incubated by Bain Capital, dedicated to developing and commercializing innovative therapies to address unmet medical needs in neurological disorders. Yuanyi Biotechnology is led by industry experts with extensive experience and professional expertise, who have demonstrated success in life sciences, central nervous system disorders, targeted drug development and commercialization, and company formation. The company is advancing a pipeline of best-in-class innovative therapies.

Bain Capital is a leading global alternative investment firm, managing approximately $180 billion in assets and creating lasting value for our investors, teams, portfolio companies, and communities. Founded in 1984, Bain Capital pioneered a consulting-based private equity investment strategy, working closely with the management teams of its portfolio companies to challenge conventional thinking with fresh insights, build great businesses, and improve corporate operations. We have gradually expanded this approach organically into other asset classes, building one of the world’s most powerful alternative asset platforms.