DAEWOONG PHARMACEUTICAL CO., LTD
2023-1206
Daewoong Pharmaceutical Strikes a $60 Million Deal with JSC Pharmasyntez for Diabetes Novel Drug Enavogliflozin
Daewoong Pharmaceutical, represented by CEO Seng-ho Jeon and Chang-Jae Lee, is delighted to announce a license agreement with JSC Pharmasyntez, one of Russia's largest drug makers.
The deal is valued at up to $60 million USD (approximately 77.1 billion KRW), including the license fees.
This agreement marks a significant stride in Daewoong's global expansion efforts, through collaboration with JSC Pharmasyntez in development, commercialization, and distribution of Enavogliflozin as Type II diabetes treatment, in Russia and the Commonwealth of Independent States (CIS).
JSC Pharmasyntez, one of the top 5 Russia's pharmaceutical companies since established in 1997, will take the lead in the Phase III clinical trials and oversee the distribution of Enavogliflozin within Russia and the CIS countries.
Vikram Punia, president of JSC Pharmasyntez, stated "The innovative and high quality products is the real need of healthcare system and patients in Russian federation which will be achieved by launching new SGLT-2 inhibitor jointly by Daewoong and Pharmasyntez".
Enavogliflozin is the Korea's first novel SGLT-2 inhibitor developed by Daewoong Pharmaceutical with its remarkable efficacy and tolerable safety profile. With a dosage as low as 0.3mg - significantly lower than that of existing medications - Enavogliflozin has shown equal or greater effectiveness in reducing glycated hemoglobin (HbA1c) and fasting blood glucose levels. These results from Phase 3 clinical trials demonstrates its superiority in treating type 2 diabetes.
Seng-ho Jeon, CEO of Daewoong Pharmaceutical, remarked that "The SGLT-2 inhibitor is emerging as a trend in the global diabetes treatment market, so this export contract with Enavogliflozin is very meaningful." He added, "We will increase the number of countries selling Enavogliflozin to 50 countries by 2030, making it Korea's best diabetes treatment."
Forward-Looking Statements
This press release contains forward-looking statements that are based on the current beliefs and expectations of Daewoong Pharmaceutical's management. Factors that could cause or contribute to such differences include, but are not limited to: (1) Regulatory and governmental approvals: The approval process for pharmaceutical products is subject to extensive regulations and may involve uncertainties and delays. Any failure to obtain necessary approvals or the occurrence of delays in the approval process could adversely affect Daewoong Pharmaceutical's business and results of operations; and (2) Clinical trials: The success of Daewoong Pharmaceutical's products depends on the results of clinical trials. The results of early clinical trials may not be indicative of the results of later-stage or larger-scale clinical trials.
Daewoong Pharmaceutical, represented by CEO Seng-ho Jeon and Chang-Jae Lee, is delighted to announce a license agreement with JSC Pharmasyntez, one of Russia's largest drug makers.
The deal is valued at up to $60 million USD (approximately 77.1 billion KRW), including the license fees.
This agreement marks a significant stride in Daewoong's global expansion efforts, through collaboration with JSC Pharmasyntez in development, commercialization, and distribution of Enavogliflozin as Type II diabetes treatment, in Russia and the Commonwealth of Independent States (CIS).
JSC Pharmasyntez, one of the top 5 Russia's pharmaceutical companies since established in 1997, will take the lead in the Phase III clinical trials and oversee the distribution of Enavogliflozin within Russia and the CIS countries.
Vikram Punia, president of JSC Pharmasyntez, stated "The innovative and high quality products is the real need of healthcare system and patients in Russian federation which will be achieved by launching new SGLT-2 inhibitor jointly by Daewoong and Pharmasyntez".
Enavogliflozin is the Korea's first novel SGLT-2 inhibitor developed by Daewoong Pharmaceutical with its remarkable efficacy and tolerable safety profile. With a dosage as low as 0.3mg - significantly lower than that of existing medications - Enavogliflozin has shown equal or greater effectiveness in reducing glycated hemoglobin (HbA1c) and fasting blood glucose levels. These results from Phase 3 clinical trials demonstrates its superiority in treating type 2 diabetes.
Seng-ho Jeon, CEO of Daewoong Pharmaceutical, remarked that "The SGLT-2 inhibitor is emerging as a trend in the global diabetes treatment market, so this export contract with Enavogliflozin is very meaningful." He added, "We will increase the number of countries selling Enavogliflozin to 50 countries by 2030, making it Korea's best diabetes treatment."
Forward-Looking Statements
This press release contains forward-looking statements that are based on the current beliefs and expectations of Daewoong Pharmaceutical's management. Factors that could cause or contribute to such differences include, but are not limited to: (1) Regulatory and governmental approvals: The approval process for pharmaceutical products is subject to extensive regulations and may involve uncertainties and delays. Any failure to obtain necessary approvals or the occurrence of delays in the approval process could adversely affect Daewoong Pharmaceutical's business and results of operations; and (2) Clinical trials: The success of Daewoong Pharmaceutical's products depends on the results of clinical trials. The results of early clinical trials may not be indicative of the results of later-stage or larger-scale clinical trials.
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Daewoong Pharma published this content on 06 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 December 2023 01:31:15 UTC.
