Daewoong Pharmaceutical said it would export its gastroesophageal reflux treatment, Fexuprazan, to four more Latin American countries through a contract with Biopas, a Columbia-based pharmaceutical company.

The other three importers under the 34 billion won ($3 million) export contract are Chile, Ecuador, and Peru. Daewoong will grant Biopas the right to distribute and sell Fexuprazan products in the four countries.

"Based on an IQVIA report, the size of the gastroesophageal reflux drug market in the four countries was about 630 billion won in 2019," the company said. "Daewoong and Biopas plan to obtain local licenses for the drug in contracting countries by 2024."

Daewoong will provide the necessary data to Biopas, and the Colombian company will take charge of the local clinical and license acquisition procedures and bear the costs.

With the additional deal, Daewoong will be marketing Fexuprazan in six Latin American countries, including Brazil and Mexico.

"Daewoong has proven the global competitiveness of Fexuprazan by expanding the export of the drug to most countries in North and Latin America," Daewoong's global business head Park Hyun-jin said. "We will provide better treatment options to more patients by supplying them worldwide."

Fexprazan is a new P-CAB (potassium-competitive acid blocker) drug treating gastroesophageal reflux by reversibly blocking proton pumps that secrete stomach acids from the stomach wall, according to Daewoong.