Daewoong Pharmaceutical said it signed a license-out and cooperation contract with AstraZeneca Korea for Crezet, its hyperlipidemia treatment, in four Asian countries -- Indonesia, Thailand, Malaysia, and the Philippines.

Under the accord, the two companies plan to apply for local licenses for Crezet in Indonesia this year and in Thailand, the Philippines, and Malaysia next year. Daewoong will obtain and maintain licenses, manufacture and export products to the countries, and AstraZeneca Korea will distribute and sell them.

The hyperlipidemia market in the four countries is about $622 million. The demand for combination drugs with improved convenience in taking medication steadily increases.

Crezet is a combination drug (rosuvastatin and ezetimibe), which has excellent effects in lowering LDL cholesterol, improving lipid levels, and delaying the progression of coronary atherosclerosis. Daewoong has proved the drug’s safety through a phase 3 study, and the drug also increases patient convenience as it only requires patients to take the drug once a day regardless of meals,

“AstraZeneca has continued to make investments to working to improve healthcare so that we can grow together,” AstraZeneca Korea CEO Kim Sang-pyo said. “This agreement will be a new milestone in our partnership with Daewoong, which has continued to grow in the Korean and Asian markets.”

The company is delighted to contribute to improving patients' health in Asia, Kim added.

Daewoong Pharmaceutical CEO Jeon Seung-ho also said, “It is reassuring to cooperate with AstraZeneca Korea, which has been a trusted business partner of the company for a long time and has the best market leadership for the indication.”

Based on Daewoong’s excellent production and global licensing capabilities, we will launch Crezet in the four Asian countries and develop it into a good opportunity for both companies to cooperate in the global market and Korea, Jeon added.