[Photo provided by Ilyang Pharm]
Korea’s Ilyang Pharm announced on Tuesday that its gastroesophageal reflux disease drug Noltec (ilaprazole) will be exported to Mexco this year through local distributor Chinoin Pharmaceuticals, marking its third overseas shipment after Cambodia and Ecuador last year.
The KOSPI-listed company hopes the latest deal will accelerate its advance into the Latin American market. The Mexican partner has marketing rights for the drug in Mexico and nine other countries: Guatemala, El Salvador, Costa Rica, Panama, Honduras, Nicaragua, Dominican Republic, Paraguay and Bolivia.
At 1:45 p.m., Ilyang Pharm shares were 0.9 percent lower at 39,500 won ($37.02).
Noltec is a proton pump inhibitor (PPI) used in the treatment of gastroesophageal reflux disease, dyspepsia, peptic ulcer disease and duodenal ulcer. The long-acting drug can be taken just once daily. It was approved in Korea in 2008 as the country’s 14th home-grown novel medicine.
Ilyang Pharm began exports of Noltec to Cambodia and Ecuador last year with $3 million orders received in the first year.
Ilyang Pharm aims to increase its global footprint based on Noltec’s material patent effective until 2027. Global pharmaceutical companies pay growing attention to the drug after U.S. clinical data demonstrated the treatment is a good option for gastroesophageal reflux disease whose prevalence is sharply on the rise, according to the company.
By Kim Hye-soon and Minu Kim
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