Boryung Pharm signed a licensing deal with Zuellig Pharma to export Kanarb Tab to 13 Southeast Asian countries.
Boryung Pharm Chairwoman Kim Eun-sun; Boryung Pharm President Choi Tae-hong; John Davison, CEO of Zuellig Pharma, Asia's leading Healthcare Distribution & Services Company; President Gorege Eassey of Zuellig Pharma Link; President Tom Vanmolkot of Zuellig Pharma Asia-Pacific and North Asia;Senior Executive Vice President Senn Retor of business development for Zuellig Pharma partciapted in a ceremony to signed the licensing agreement at Boryung Pharm headquarters in Seoul, on July 8.
Under the agreement, Boryung Pharm will receive $3 million in royalties, the most for the licensing of Kanarb, in return for Zuellig Pharma’s exclusive rights to sell the anti-hypertension drug to 13 Southeast Asian counties. And it will guarantee the Korean pharmaceutical company’s selling $126 million worth of Kanarb products through Zullig Pharma to six countries — the Philippines, Malaysia, Singapore, Indonesia (where permission to market the drug will be issued) for 15 years. Borung Pharm will hold negotiations to provide the second supply of the drug to seven countries, and the Korean pharmaceutical company plans to sign a licensing agreement on Kanarb Plus Tab (diuretic, CCB and Rosuvastatin), a mixture of Kanarb Tab.
The latest deal will bring to $320 million the combined value of licensing agreements Boryung Pharm has so far signed in 30 countries across the world
Boryung Pharm and Zullig Pharma obtained permission to market the drug from the Philippines, Malaysia and Singaproe for 2016, and they are expected to get the green light from Indonesia, Thailand and Vietnam in 2017. The two companies plan to hold additional negotiations on the detailed process of obtaining permission seven more countries, including Hong Kong, Macao and Myanmar.
“By cashing in on Kanarb’s excellent clinical values and market growth potential, Boryung Pharm will solidify a strong partnership with Zullig Pharma to evolve it into the No.1 brand in the Southeast Asian anti-hypertension ARB market,” Boryung Pharm President Choi said.
The Zuellig Pharma CEO said that starting with the licensing agreement on Kanarb, his company will strengthen its partnership with Boryung Pharm to cover Karnab Plus Tab and other product lines to enhance values of both countries.
Kanarb, an ARB-class drug, the most largely used type among all anti-hypertension drugs, was approved on Sept. 9, 2010, by the Korea Food and Drug Administration (KFDA) for its safety and its significant effect in decreasing blood pressure for those patients with hypertension. Kanarb not only embraces the merits of the existing ABR-class drugs, but provides solutions to angiotensin converting enzyme (ACE)-class drugs’ side effects, such as hacking coughs and edemas, and it also employs a technology to overcome their lower efficacy.