Kwangdong Pharmaceutical said it has signed an agreement to license in NVK002, a new drug candidate for pediatric myopia, from Zhaoke, a Hong Kong-based pharmaceutical company.

Kwangdong Pharmaceutical CEO Choi Sung-won (left) and Zhaoke CEO Li Xiaoyi hold up the license agreement for NVK002, a pediatric myopia treatment candidate, at Kwangdong headquarters in Seocho-gu, Seoul, on Monday.
Kwangdong Pharmaceutical CEO Choi Sung-won (left) and Zhaoke CEO Li Xiaoyi hold up the license agreement for NVK002, a pediatric myopia treatment candidate, at Kwangdong headquarters in Seocho-gu, Seoul, on Monday.

NVK002 was developed by Vyluma, a U.S. pharmaceutical company, and works on the central nervous system to dilate the pupil. Zhaoke had previously signed a contract with Vyluma and obtained rights to the drug in Asia.

Under the agreement, Kwangdong will have exclusive rights to import and distribute the treatment in Korea.

"We expect NVK002 to play a pivotal role in expanding Kwangdong's ophthalmic solvents portfolio," Kwangdong CEO Choi Sung-won said. "We will continue to focus on R&D and new drug introduction to create synergistic effects with NVK002."

Zhaoke CEO Li Xiaoyi also said, "We are confident that NVK002 will develop into an innovative medicine to inhibit the progression of myopia in more children and adolescents in the region."

 

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