Seoul Pharmaceuticals said Monday that it has signed a contract with SAJA Pharmaceuticals, a leading pharmaceutical company in Saudi Arabia, to supply $7.07 million (8 billion won) worth of Tadalafil orally disintegrating film 20mg (ODF) over the next five years.
The milestone payment for Tadalafil, a PDE5 inhibitor for treating erectile dysfunction, totals $150,000 and is awarded in four steps that include contract, sales approval, initial sale, and one year from the first sale date. The minimum purchase volume by SAJA is 60 percent of the annual sales forecast.
SAJA is a joint venture between Saudi healthcare company Tamer Industries and two Japanese Pharmaceutical companies, Daiichi Sankyo and Astellas Pharma. It has annual sales of $100 million and staff of more than 150.
The company produces Olmesartan and VESIcare, which are Japanese affiliate products, and distributes them to the Middle East countries. It has experience in licensing, and distribution transactions with top European pharmaceutical companies such as Sanofi and Novartis.
Seoul Pharma will supply products to eight countries via SAJA -- Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain, Oman, Egypt, and Algeria -- to expand its Middle East market.
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