[THE INVESTOR] Korean diagnostic reagents maker Green Cross Medical Science has signed an 8.05 billion won (US$7.14 million) contract with Boryung Pharmaceutical to supply dialysate solution, the firm said on May 19.
Under the agreement, Green Cross MS will supply 90 billion won worth dialysis fluid, which is used to pull toxins from the blood into the dialysate, to the Seoul-based drug maker for the next 10 years.
The supply volume of this contract is equivalent to 20 percent of Korea’s hemodialysis solution market.
The deal comes as the firm seeks to diversify its business portfolio which has been focusing on reagents.
“The contract will enable Green Cross MS to concentrate on the hemodialysis solution business while Boryung can focus on sales,” said Kim Young-pil, president at Green Cross MS.
By Park Han-na (firstname.lastname@example.org)