April 25, 2024
Bio
Daewoong Pharma signs deal to export pitavastatin calcium
[THE INVESTOR] South Korea’s Daewoong Pharmaceutical said on Nov. 3 that it has signed a contract with a Swiss-based drug distributor Abbott Products Operations to export its pitavastatin calcium to four Southeast Asian countries.
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Daewoong Pharmaceutical headquarters |
Under the deal, Abbott agreed to pay Daewoong US$1,525,000 upfront by the end of this year and US$1 million for sale of 100 million pills, according to the Korean drug maker’s regulatory filing.
With the partnership, the hyperlipidemia treatment named Daewoong Pitavastatin will hit the pharmacy shelves in Thailand, Vietnam, Myanmar and Philippines from next year.
Abbott will be in charge of sales in the region for the next 10 years.
By Park Han-na (hnpark@heraldcorp.com)
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