Onconic Therapeutics, a subsidiary of Jeil Pharmaceutical, said it signed a licensing agreement with Laboratorios Sanfer, S.A. de C.V., a Mexico-based multinational pharmaceutical company, to introduce its gastroesophageal reflux disease (GERD) treatment drug, Jaqbo (zastaprazan), in 19 Latin American countries.

This marks the company's first entry into the Latin American market following its previous expansions into China and India.

According to the 2023 MFP Audit Market report by Knobloch Information Group, Sanfer holds the top spot in both market share and revenue within the country.

The company operates subsidiaries and branches across 19 Latin American nations, including Mexico, Argentina, Chile, and Colombia.

The deal comes just four months after Onconic licensed Jaqbo to a global pharmaceutical company in India. With the latest agreement, the drug is now set to enter 21 countries, including China and India.

However, the company did not unveil the details of the agreement, citing contractual reasons.

"Jaqbo's entry into high-growth potential markets like Latin America is a significant milestone in our global expansion strategy,” an Onconic Therapeutics official said. “We will continue to collaborate with trusted pharmaceutical companies to offer innovative solutions worldwide, solidifying our position in the global pharmaceutical industry."

According to IQVIA Korea, the pharmaceutical and biotechnology sector in Latin America achieved a 6.6 percent compound annual growth rate between 2017 and 2022, with expectations for further growth at 7.8 percent from 2022 to 2027.

Particularly in key markets such as Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, and Peru, the pharmaceutical market marked a growth rate of 19.2 percent in 2023. This rapid development is forecasted to continue at an annual average rate of 22 percent until 2027, making Latin America one of the fastest-growing regions in the global pharmaceutical landscape.