Published on June 23, 2011 at 3:21 AM
Medivir AB (STO:MVIRB), a research-based specialty pharmaceutical company focused on infectious diseases, today announced that it has signed an agreement with Daewoong Pharmaceutical Co. Ltd. to exclusively distribute Medivir's unique cold sore treatment Xerclear® in China and Hong Kong.
Under the terms of the agreement, Daewoong will be responsible for conducting clinical studies for obtaining the regulatory approvals, and for marketing, sales and distribution of Medivir's cold sore product in the territory. In return, Medivir will receive royalties on all product sales.
Daewoong is also responsible for the commercialisation of Xerclear® in South Korea. Daewoong has recently filed for registration with the South Korean authorities and expects the regulatory approval later this year.
Ron Long, President and CEO of Medivir commented, "We are pleased to expand our collaboration for Xerclear® with Daewoong and to have them as our commercial partner in this high growth emerging market where there is a growing demand for high quality treatments such as Xerclear®. We look forward to continuing to work closely with Daewoong and the launch of Xerclear® in South Korea early next year."
Mr. Ji-Hyung Kim, Vice President of Daewoong Pharmaceutical Co. Ltd. Commented, "We are very delighted to announce this collaboration with Medivir. Using this opportunity, we are ready to strengthen and expand our dermatology portfolio in China and Hong Kong. From our MIV-210 collaboration with Medivir to this Xerclear® distribution agreement, we are sure that this will provide us a further opportunity to strengthen the relationship between our two companies."
Source: Medivir AB