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Dong-A ST, Rooyan Darou sign business alliance for biologics
  • By Marian Chu
  • Published 2017.08.22 16:07
  • Updated 2017.08.22 16:07
  • comments 0

Dong-A ST struck a strategic business alliance with Iranian pharmaceutical Rooyan Darou to develop biologic drugs in Iran, the Korean company said Tuesday.

Under the deal, Dong-A ST동아ST will transfer manufacturing technology of two drugs --Growtropin and Leucostim --to its Iranian partner. Dong-A will then, in successive steps, transfer the manufacturing technology of two other drugs, Gonadopin and Eporon.

The Korean pharmaceutical will gain royalties from Rooyan Darou as a percentage of sales in exchange, the company said.

Rooyan Darou will also construct production facilities in Iran and begin selling Dong-A ST biologic products starting in 2019, Dong-A added.

Iran’s medical product market amounted to around $1.93 billion in 2015 and is expected to grow at an annual rate of 6.4 percent $3.59 billion by 2025.

Iran’s healthcare market will likely multiply as the Teheran government pledged to localize the production of biologics and increase the self-sufficiency rate to 75 percent, the Korean company said.

“Iran, despite the size of its economy and population, had had a small healthcare market due to the U.S.-led economic sanctions. With the lifting of those sanctions last year, we expect demand for medical products will rise,” a Dong-A ST official said.

Rooyan Darou is a small- to medium-sized Iranian company established in 2003 that sells animal products and other medical products with annual sales of 150 billion won ($136 million).

“The strategic alliance will be the foundation for increasing exports to the Middle East market, including Iran,” the company official said.

yjc@docdocdoc.co.kr

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