Licensing activity begins in 1996 with Sumitomo Pharmaceuticals, through the negotiations of Investment Banker, Paul M. Michaels, licenses Ambisome and Danisome for the Asian marketplace from a U.S. Pharmaceutical company. This is the beginning of business licensing U.S. developed drugs for the Japanese market. Additionally, an Orphan drug business is created with the assistance of Paul M. Michaels with his Japanese counterparts called Nobelpharma. Co.Ltd. The first licensed product, from Teva Pharmaceuticals USA, is for the treatment of Wilson's disease in Japan. This transaction was negotiated and completed by Paul Michaels.
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