South Korea’s Ilyang Pharmaceutical Co. hammered out a deal with Laboratorios Biopas S.A., a Colombian pharmaceutical company, to export Supect (radotinib), its new drug developed to cure leukemia, according to Ilyang on Monday.
The final agreement between the two companies comes almost a year after they signed an initial agreement in August last year, which allows Biopas, the 10th-largest drug maker in Colombia, to sell Supect. The deal also comes with licensing fees and certain milestone payments worth $22 million in total.
Under the terms, Biopas that has operations in 15 countries in South America will have exclusive marketing rights of Supect in nine countries - Mexico, Ecuador, Venezuela, Peru, Chile, Panama, Costa Rica, and Dominican Republic, and export volume to each country will vary. Ilyang expects total sales from these countries to reach several tens of billions of won until patent expires.
By Lee Dong-in
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