[THE INVESTOR] Korean drug maker Daewoong Pharmaceuticals said on Oct. 11 it has reached an agreement with Novartis and Sandoz Korea for an exclusive license to sell their bone disease treatment drug Zoledronic Acid Injection 5mg/100ml in Korea.
As a treatment for osteoporosis, a disease involving bone loss, the drug had been sold exclusively by Daewoong since 2014 under a distribution and promotion deal with Sandoz Korea. Sandoz is an affiliate of Novartis that was merged in 1996.
Now under the latest agreement, Daewoong Pharmaceuticals can sell the osteoporosis-treating drug under its own brand.
“The new licensing deal will help strengthen our portfolio, and also generate a steady cash flow,” a Daewoong official said.
Daewoon plans to increase the annual sales of Zoledronic Acid Injection 5mg/100ml to 20 billion won (US$17.60 million) from 8.1 billion won in 2016.
Sandoz Zoledronic Acid 5mg/100ml is a once-a-year bisphosphonate injection that’s used as one of the most widely prescribed treatments for osteoporosis.
By Park Han-na (email@example.com)