ST Pharm has recently signed a contract to supply general materials for MRI contrast medium worth 11.6 billion won (about $9.2 million).

The company said on its website last Friday that it signed a contract totaling $9.19 million to supply MRI contrast medium, Gadovist (gadobutrol), a generic raw material medicine, with a global biopharmaceutical company in Europe. It did not disclose the name of the European company, however. Gadovist is an original MRI contrast medium developed by Bayer.

The supply deadline is July 3.

ST Pharm predicted the supply request would increase in the future. Accordingly, it is also expected that the supply contract will double next year and triple in 2025.

The company said it had been registered as an official supplier of general medicine material for MRI contrast medium in the Drug Master File (DMF) of the U.S. Food and Drug Administration.

Before the recent supply contract, ST Pharm signed another European global medical diagnosis equipment maker to supply MRI contrast medium raw materials worth 16.7 billion won in August 2019.

Following the export of new drug raw materials, including oligonucleotide, we have come to supply first generic medicine materials to foreign markets, proving our global competitiveness again and expecting improved sales and profits,” the company said.