Alvogen Korea said that it would exclusively supply and market Luye Pharma Group’s Seroquel and Seroquel XR, both schizophrenia treatments, in Korea, adding that it received sales approval from the Korean regulatory agency, too.
Both drugs are atypical antipsychotic drugs with antidepressant properties. Medical professionals use these drugs as either a mono or combination therapy for treating schizophrenia and bipolar disorder. Seroquel XR has also won the go-ahead as an adjunct to the treatment for major depressive disorder, Alvogen Korea said.
It signed a sales contract with AstraZeneca Korea to supply the two treatments in Korea in 2015. AstraZeneca sold the sales right to Luye Pharma Group in 2018.
Alvogen Korea seeks to strengthen its position in the local central nervous system (CNS) treatment market. According to IQVIA, a market research company, Seroquel recorded sales of 12.9 billion won ($10.4 million) in 2019.
“With the exclusive sales, distribution, and marketing rights for Seroquel and Seroquel XR in Korea, the company has gained expertise in the central nervous system treatment area,” Alvogen Korea CEO Lee Jun-soo said. “We expect that the two medications will record stable and sustainable sales growth in the local market.”
The company will do its best to help ease patients’ suffering from social stress and mental illness during this Covid-19 outbreak, he added.
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