Hyloris: Maxigesic IV targets Japanese market through agreement with Mikasa
Belgian pharmaceutical company Hyloris Pharmaceuticals has announced that its partner AFT Pharmaceuticals has concluded an exclusive agreement with Japanese company Mikasa Seiyaku for the commercialization of intravenous analgesic Maxigesic IV in Japan.
This agreement opens a new market to a product already commercialized in several countries through a network of partners.
A division of roles between AFT, Mikasa and Hyloris
According to the press release published on September 27, 2026, AFT Pharmaceuticals, Hyloris' development partner, has entered into an exclusive agreement with Mikasa Seiyaku Co., Ltd. for the registration and commercialization of Maxigesic IV (also designated Combogesic IV) in Japan.
Mikasa will be responsible for the registration and commercialization of the product on the Japanese market, leveraging its presence in orthopedics and pain management. AFT will ensure the supply of the product.
Maxigesic IV is a non-opioid intravenous analgesic formulation combining paracetamol and ibuprofen, intended for the treatment of post-operative pain when the intravenous route is clinically appropriate.
Royalties on sales and milestone payments linked to approval and reimbursement
AFT will receive royalties linked to sales as well as milestone payments, the majority of which is payable upon regulatory approval in Japan and a minority share is conditional on obtaining a minimum reimbursement price in Japan.
The agreement provides that a capped portion of certain milestone payments may be retained by Mikasa and allocated to additional specific research and development activities necessary for the registration of Maxigesic IV in Japan.
Hyloris is entitled to receive a substantial minority share of the margin related to the product realized by AFT, including recurring royalties linked to sales and milestone payments, under its existing co-development agreement.
Product composition and profile of Mikasa Seiyaku
Maxigesic IV combines 1,000 mg of paracetamol and 300 mg of ibuprofen in a single infusion solution, intended for the treatment of mild to moderate post-operative pain. The product was developed by Hyloris and AFT Pharmaceuticals and is protected by a patent portfolio in several territories.
Mikasa Seiyaku, founded in 1945 and based in Tokyo, is a Japanese specialty pharmaceutical company focused on the orthopedic field, with expertise in pain and inflammation. The company reported sales of 13.3 billion yen for the fiscal year ended March 2025, approximately 74 million euros at current exchange rates.
