Published on August 24, 2010 at 4:05 AM
Medivir AB (Sweden)(STO:MVIRB) today announced it has appointed Daewoong Pharmaceutical Co. Ltd. as its exclusive distributor for Xerclear™ in South Korea. Under the terms of the agreement, Daewoong will be responsible for obtaining the regulatory approvals, and for marketing, sales and distribution of Medivir's cold sore product in the territory. In consideration of the rights granted to Daewoong, Medivir will receive upfront and milestone payments and royalties on sales according to a profit sharing scheme.
“We recently initiated a collaboration with Daewoong around MIV-210 (Hepatitis B) and the Xerclear™ distribution agreement further strengthens the relationship between our companies”
"We are pleased to announce this collaboration and to have Daewoong as our partner for Xerclear™ in South Korea", said Ron Long, CEO of Medivir AB, and continued, "We recently initiated a collaboration with Daewoong around MIV-210 (Hepatitis B) and the Xerclear™ distribution agreement further strengthens the relationship between our companies".
"Medivir is an ideal partner for us and Xerclear™ is a perfect fit for our portfolio, providing us the excellent opportunity to offer health care professionals, care providers and patients its considerable benefits. We believe there will be a substantial market opportunity in South Korea for this topical product for the treatment of recurrent herpes labialis", concluded Dr. Jong-Wook Lee, President and CEO, Daewoong Pharmaceutical Co. Ltd.
SOURCE Daewoong Pharmaceutical Co. Ltd.