BioAlliance Pharma, Daewoong sign new licensing agreement for commercialization of Sitavig in South Korea
Published on April 2, 2014 at 3:41 AM
BioAlliance Pharma SA (Euronext Paris - BIO), an innovative Company specialized in the development of drugs in orphan oncology diseases, today announces an exclusive supply and license agreement for Sitavig® (Acyclovir Lauriad®) with Daewoong Pharmaceutical Co., Ltd. for commercialization rights in South Korea. Moreover, Daewoong will be in charge of registering Sitavig® in South Korea.
Under this agreement, BioAlliance Pharma is eligible to receive significant upfront and milestones payments. The agreement also includes a double-digit royalty rate which should represent high downstream revenues.
Indicated for the treatment of recurrent labial herpes, Sitavig® is registered in the United States and in 10 major European countries.
Daewoong Pharmaceutical Co., Ltd. is an international drug manufacturing and distribution company headquartered in Seoul, and it also holds its presence over major Asian markets, including China and India. The Company is an expert at managing prescription drugs and has been ranked first on this market for many years in Korea.
"We are delighted with this agreement with Daewoong, a strategic and leading partner in the Korean market. We are very confident in their ability to dedicate their expertise and sales structure to make Sitavig® the preferred treatment of recurrent herpes labialis in their territory. Shortly after the licensing agreement signed with Innocutis for North America, this new collaboration opens Sitavig®'s presence in the Asian market," comments Judith Greciet, CEO of BioAlliance Pharma.
"We are very pleased to be teaming up with BioAlliance Pharma and to add such an innovative product to our portfolio. Sitavig® has the potential to become a top-line treatment for recurrent herpes labialis and will help us to make our portfolio more attractive and very competitive in the infection field," adds Jong-Wook Lee, CEO of Daewoong Pharmaceutical Co., Ltd.