On October 29, 2019, CASI Pharmaceuticals, Inc., a Delaware corporation (the “Company”), entered into an exclusive Distribution License Agreement with Pharmathen Global BV, a company established under the laws of the Netherlands, pursuant to which the Company obtained an exclusive license to develop and distribute Octreotide long acting injectable (LAI) microsphere in the People’s Republic of China.

The terms of the agreement include an upfront payment and future milestone payments. CASI will be responsible for the development, import drug registration and product approval in China. CASI has a 10-year non-royalty exclusive distribution period after the product launch at agreed supply costs for the first three years.