Ildong Pharmaceutical said Thursday that it would enter a strategic alliance with Sandoz, a division of global pharmaceutical Novartis, to cooperate in product licensing and sales in the Asia-Pacific region.
Ildong Pharmaceutical CEO Yoon Woong-sub and Sandoz’ Cluster Head of ASEAN and North Asia Francis Vaillant attended the ceremony to sign the memorandum of understanding. The MoU pertains to Ildong licensing its product sales rights and some rights to the R&D pipeline to Sandoz through a license or sub-licensing agreement if needed by both parties.
|Ildong Pharmaceutical CEO Yoon Woong-sub (left) and Sandoz’ Cluster Head of ASEAN and North Asia Francis Vaillant commemorate the MoU signing agreement in Seoul Thursday.|
The MoU is related to disease areas of the cardiovascular, endocrine, central nervous system, oncologic, infectious, digestive, respiratory, and ophthalmic systems. The target areas are regions in the Asia-Pacific such as Japan, China, and Southeast Asian countries.
Ildong Pharmaceutical said that the alliance would boost profitability and increase opportunities for licensing in or licensing out deals in the global drug market.
“This deal is significant in that we are now partners with global pharmaceutical company Sandoz. The two companies will work together to create synergy,” Idong CEO Yoon said at the signing ceremony.
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