Luye Pharma Group announced that its subsidiary Luye Pharma Switzerland AG has entered into an agreement with Towa Pharmaceutical Co., Ltd. (Towa), the terms of which grant Towa exclusive rights to the development and commercialization of Rivastigmine Multi-Day Transdermal Patch (Rivastigmine MD) in Japan. Developed by Luye Pharma and indicated for the treatment of Alzheimer's disease, Rivastigmine MD employs an innovative drug delivery system via twice-weekly transdermal administration. Luye Pharma has filed and been issued a portfolio of international patents protecting this product. Currently, Rivastigmine MD is in the registration phase in Europe, and is soon to start phase III clinical studies in Japan. According to the agreement, Luye Pharma has granted Towa the exclusive rights to develop and commercialize Rivastigmine MD in Japan. Towa will make an upfront payment to Luye Pharma upon the signing of the agreement, and will make milestone payments upon achievement of certain developmental, regulatory, and sales milestones. In addition, Towa will make royalty payments to Luye Pharma based on the sales of Rivastigmine MD.