GC said that it has agreed with Add Pharmaceutical to cooperate on developing new synthetic drugs.
|GC President Huh Eun-chul (left) and Add Pharmaceutical CEO Lee Yong-taek shake hands after signing the cooperation agreement at GC headquarters in Yongin, Gyeonggi Province, on Friday.|
Under the accord, Add Pharmaceutical will be responsible for developing synthetic drug formulations, such as new chemical entities, incrementally modified and generic drugs, while GC will produce and commercialize the drug after licensing in the technology from Add Pharma.
Add Pharmaceutical, a subsidiary of Yuhan Corp., is developing many new incrementally modified drugs, including circulatory and gastrointestinal treatments. The two companies have also agreed to develop and commercialize some products jointly, such as circulatory system therapeutics developed by Adpharma and licensed out to Yuhan Corp.
"The agreement is significant in that GC, which has focused on biopharmaceuticals such as vaccines and blood products, will expand its business lines by strengthening the synthetic pharmaceuticals division," GC said. "Our strategy is to strengthen the influence on the local and overseas markets based on the company’s existing flagship products and seek future growth engines by launching new products in the synthetic drug business."
GC plans to expand its portfolio in the synthetic drug business based on marketing and sales capabilities accumulated through sales contracts of its products, the company added.
GC President Huh Eun-chul said, "The synthetic pharmaceuticals sector will likely become a new business opportunity and growth model for the company. We believe that we can create synergy between our commercializing know-how and Add Pharma's R&D technology."
<© Korea Biomedical Review, All rights reserved.>