Daewoong Pharmaceutical inks US$430 mln tech export deal

김한주 / 2021-06-08 14:55:57
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Daewoong pharm-tech export

Daewoong pharm-tech export

Daewoong Pharmaceutical inks US$430 mln tech export deal

By Kim Han-joo

SEOUL, June 8 (Yonhap) -- South Korean drugmaker Daewoong Pharmaceutical Co. said Tuesday that it has signed a US$430 million deal with U.S. pharmaceutical venture firm Neurogastrx Inc. to export the technology of its gastroesophageal reflux disease treatment.

The deal calls for Daewoong to provide Neurogastrx with its technology for clinical development and approval of fexuprazan, the novel drug candidate, in the United States and Canada, the local drugmaker said.

With the deal, Daewoong Pharmaceutical has signed technology deals with a total of four countries, including China, Brazil, and Mexico, which accounts for almost 40 percent of the global gastrointestinal disorder market.

Daewoong Pharmaceutical will also receive 5 percent of Neurogastrx's shares, with an additional 8.5 percent expected following the U.S. venture firm's initial public offering (IPO).

Daewoong Pharmaceutical said fexuprazan, a class of potassium-competitive acid blockers (P-CABs), showed a 99 percent cure rate during the phase three clinical trials.

The novel drug is expected to win approval from local drug authorities soon, Daewoong Pharmaceutical said.

Neurogastrx is a privately held biopharmaceutical company developing transformative therapies for gastrointestinal disorders.


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