Commercial strategy Sosei Group makes its commercialisation decisions separately for each product in its pipeline. These decisions will be based upon a number of factors including: Sosei’s financial strength; its development capabilities in a given therapeutic area; the market potential of the product and Sosei’s sales and marketing capability at a given time. The outcome of those decisions will lead to the development of a product to a certain clinical stage and then out-license to a partner, or to develop it through to registration and then market the product in-house. This may differ from territory to territory. In-house marketing Currently Sosei has no in-house sales and marketing capability, but anticipates the marketing of its own products in certain territories in the future. Out-licensing If a product is to be commercialised through out-licensing, a decision is made, from which clinical stage of development is the optimal time, and who would be an optimal partner? The partner usually undertakes to complete the necessary development and obtain registration in the licensed countries, to launch the product and to provide ongoing sales and marketing support. In return Sosei would receive milestone and royalty payments. This enables Sosei to receive revenue from its development portfolio prior to the registration and launch of a product and without incurring ongoing development costs thereby de-risking its business.