Regulatory News:
Medivir AB (Sweden)(STO:MVIRB) today announced a license agreement with
Daewoong Pharmaceutical Co. Ltd., (South Korea) for its hepatitis B
virus (HBV) polymerase inhibitor drug, lagociclovir valactate (MIV-210).
Under the terms of the agreement, Daewoong Pharmaceutical Co. Ltd. will
assume responsibility for clinical development and have marketing rights
in South Korea, Japan and China (including Taiwan, Macao and Hong Kong).
Medivir is entitled to upfront, milestones and royalties on sales up to
double-digital level, and has retained the exclusive marketing rights in
the rest of the world.
Daewoong Pharmaceutical assumes the exclusive clinical development right
from Hainan Noken Pharmaceutical Industry Ltd. of China (Noken). The
compound will now benefit from accelerated clinical development in South
Korea, which permits use of Medivir’s phase I data for entry into phase
II clinical development, and thereby an earlier entry onto the market.
Noken has been retained as a distribution partner for MIV-210 in China.
“The partnership with Medivir is in line with our strategy to develop
outstanding first-in-class products. We are looking forward to the
development of lagociclovir valactate, which has a very interesting
profile. This compound is potentially addressing a major medical need as
there are millions of patients suffering from chronic hepatitis B
infection” comments Dr. Jong-Wook Lee, President and CEO, Daewoong
Pharmaceutical Co. Ltd.
“This development partnership will give our project the speed and
attention needed to bring the project closer to market. We are extremely
pleased to have Daewoong Pharmaceutical Co. Ltd. onboard” comments Ron
Long, CEO, Medivir AB.
Chronic HBV infection remains a major public health challenge in Asia.
Globally, about 2.0 billion people are infected with the virus. Of
these, 370 million fail to clear the viral infection, and are
chronically infected, which progresses to liver cirrhosis and
hepatocellular carcinoma (in 15-40% of cases).
In the 7 major industrial markets, the HBV market is expected to nearly
triple in size to around USD 1.2 billion in 2016 (IMS Health, 2008). In
South Korea, the market for hepatitis B drugs is currently USD 210
million annually, growing at a rate of 31% (IMS 4Q 2009). In China,
sales of hepatitis B treatment is expected to increase to USD 1 billion
by 2012.
For more information on Medivir, please see the company website: www.medivir.se
About Daewoong Pharmaceutical Co. Ltd.
Daewoong Pharmaceutical Co. Ltd. is a leading Korean pharmaceutical
company with annual turnover of nearly $548 million U.S. in 2008.
Daewoong Pharmaceutical Co. Ltd. was ranked first in the South Korean
pharmaceutical market in terms of requested reimbursement totals,
according to Health Insurance Review Agency (HIRA). Daewoong has
expanded global business operations throughout Asia and is currently
developing strategies for the global market.
Daewoong Pharmaceutical Co. Ltd. engages in the research, development,
manufacturing and marketing of healthcare products. It provides a full
spectrum of healthcare products for various therapeutic areas that
include infectious diseases, cardiovascular diseases, metabolic
disorders, disorder of central nervous system, digestive disorders,
oncology and vaccines.
Daewoong's R&D activity explores a broad spectrum of innovative
approaches and has developed new products in key therapeutic area such
as EGF for Mucositis and Wounds and WP05195 for Neuropathic Pain.
In particular, Daewoong Pharmaceutical Co. Ltd. has made numerous
successful partnerships with multinational pharmaceutical companies
launching many blockbuster products on the Korean market, and its strong
growth is attributable to its dedication to excellence in sales and
marketing, which is backed by a comprehensive portfolio of both
innovative and generic prescription drugs.
For more information on Daewoong Pharmaceutical Co. Ltd., please see the
company website: www.daewoong.co.kr
This information was brought to you by Cision http://www.cisionwire.com
