South Korea’s Boryung Pharmaceutical said it would sell its antihypertensive combination drugs Dukarb(ingredient: fimasartan/amlodipine) and Tuvero(ingredient: fimasartan/rosuvastatin) in Southeast Asian countries, following the sale of Kanarb (ingredient: fimasartan).
The company said in a public filing on Oct. 10 that it concluded an exclusive deal with Zanovex, distributor of multinational pharmaceutical company Zuellig Pharma to sell the high blood pressure treating drugs worth $59.76 million, with a licensing fee of $1.5 million, in Southeast Asia. The sales will start in six countries where the first license was granted -- the Philippines, Malaysia, Singapore, Indonesia, Thailand, and Vietnam. It will get the second line of licenses in other countries, including Hong Kong, Macao, Myanmar, Cambodia, and Brunei.
The deal will be automatically renewed every two years, but it can expire if the Korean firm fails to achieve 80 percent of the sales goal for two consecutive years.
In 2015, Boryung Pharm보령제약 agreed with Zuellig Pharma to supply Kanarb in 13 Southeast Asian countries. In the following year, the two sides also clenched a licensing deal to sell Kanarb Plus (ingredient: fimasartan/hydrochlorothiazide) in the region.
The recent deal over Dukarb and Tuvero will complete the sales of all Kanarb-related drugs in Southeast Asia. Their licensing agreements in the region amount to $218.72 million.
According to IMS data, Southeast Asia’s six major countries – Singapore, Malaysia, the Philippines, Thailand, and Vietnam – have a combined $1.1 billion antihypertensive drug market. Among them, Thailand and the Philippines, in particular, are seeing a rapid growth in antihypertensive treatment market.
“Through the partnership with Zuellig Pharma over the sales of all Kanarb family drugs, we have gained a momentum to pitch our brand to the top in Southeast Asia. Our strong partnership will not only promote our products but enhance the two companies’ brand values,” said Choi Tae-hong, CEO of Boryung Pharmaceutical.
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