[THE INVESTOR] Kolon Life Science said on July 18 that it has entered an agreement with a Chinese health care provider to export Invossa, an injectable cell gene therapy for osteoarthritis in a deal worth 230 billion won (US$203.50 million).
Under the deal, Kolon Life Science will supply Invossa to Hainan, an island province of China that the government is pushing to turn into a medical tourism destination, while China Life Medical Centre will be in charge of regulatory approval, sales and marketing activities.
Kolon Life Science CEO Lee Woo-sok
This is the latest in a series of export deals that the Korean biopharmaceutical company has signed this year with companies in Hong Kong, Mongolia, Saudi Arabia and the United Arab Emirates.
Kolon Life Science will export Invossa for five years from the time the Chinese counterpart receives marketing authorization, which they expect to come in 2019.
“Generally, China’s entry barriers are so high that advanced medical technology and medicines are not easy to sell, but Hainan is leading the way with support from the central government,” Kolon Life Sciences CEO Lee Woo-sok said.
Through the contract, the Korean firm will introduce Invossa’s efficacy and seeks to enter mainland China by collecting data and experience of Chinese patients, he added.
By Park Han-na (email@example.com