Starpharma Holdings Limited today announced that it has signed a licence agreement with Okamoto Industries Inc in relation to the VivaGel(r)-coated condom for the Japanese market. Okamoto is the market leader for condoms sold in Japan, the world's second largest condom market.
Under the terms of this agreement Okamoto secures marketing rights to the VivaGel(r)-coated condom in Japan. Starpharma will receive royalty and milestone payments and Okamoto will undertake registration and launch of the product in Japan. The coated condoms marketed by Okamoto will carry the VivaGel(r) brand.
"We are particularly pleased to be working with Okamoto, which has both the market-leading position and the regulatory and commercial strengths to maximise value creation for the VivaGel(r)-coated condom in Japan," said Dr Jackie Fairley, Starpharma's CEO.
"Okamoto is the ideal partner for the Japanese market with an outstanding product portfolio and heritage in the successful commercialization of new products. This is an exciting new market for the VivaGel(r)-coated condom."
Okamoto is Japan's leading marketer of condoms with approximately 60% share of the Japanese condom market . The Japanese condom market has been estimated to be in the order of US $500 million in 2009i. Okamoto, based in Tokyo, has total revenues of more than US $760 million and over 1,700 employees. In addition to its dominant position in the Japanese condom market, Okamoto also holds strong market positions in several other Asian markets, including Korea, Taiwan, Malaysia, Singapore and China.
Mr Yumoto, a Director of Okamoto commented: "The VivaGel(r)-coated condom is an excellent technological advance and we look forward to progressing to market launch with this exciting new product."
In addition to the VivaGel(r)-coated condom, Starpharma is separately developing VivaGel(r) as an applicator-delivered vaginal product for use by women to protect themselves from HIV and HSV-2 (genital herpes) and for the treatment and prevention of bacterial vaginosis.