Under the terms of the agreement, TaiGen will be responsible for conducting phase Ib and phase II development of the compound to meet worldwide regulatory standards. If phase II results are positive, Procter & Gamble, in conjunction with TaiGen, may then seek a pharmaceutical partner for the phase III development and subsequent commercialization of the compound. In addition, TaiGen acquires development and commercialization rights within China, Taiwan, Korea and the ASEAN (Association of Southeast Asian Nations) countries. "The commercialization rights to the compound within Asia is an important step forward in our goal of becoming a fully integrated pharmaceutical company, particularly with our emphasis on realizing value from our activities in China," commented Ming-Chu Hsu, president & CEO of TaiGen. "In addition, we look forward to the opportunity to demonstrate our capabilities in early stage pharmaceutical development and to share that value with our partner Procter & Gamble Pharmaceuticals (P&GP)." Life sciences merchant bank Burrill & Company was retained by P&GP to assist in the deal. G Steven Burrill commented, "This is truly a groundbreaking deal. Both sides win, and achieve important strategic objectives with a novel deal structure. We also think it plays well into the rapidly emerging biotechnology capabilities in Asia."