Daewoong Pharma said it has signed a comprehensive memorandum of understanding (MOU) with China Meheco International, a Chinese pharmaceutical import and export company, to export Daewoong's treatment to China.

Daewoong expects that through this MOU, the company will be able to accelerate the entry of all of Daewoong's products, including its self-developed new drugs, into the Chinese market.

Daewoong had previously signed an exclusive distribution and sales contract with Meheco to distribute and sell the locally produced medicine Newranta, an antacid, in Liaoning, China, in August.

According to Daewoong, Meheco is the "first" company in China specializing in the import and export of pharmaceuticals, cooperating with more than 60 large medical groups both inside and outside China and providing integrated solutions for various product fields, including pharmaceuticals and medical devices, to over 20,000 medical institutions.

"This MOU is encouraging as it extends the partnership that began with the distribution of locally produced pharmaceuticals in China to the potential market entry of all of Daewoong's products into China," Daewoong Pharmaceutical's Global Strategy and Marketing Head Kim Do-young said. "Through the MOU, we will accelerate our entry into China and take a step closer to achieving 1 trillion won ($769.9 million) in sales for newly developed drugs by 2030."