Dongkook Pharmaceutical, led by CEO Song Jun-ho, has signed a licensing and supply agreement for Uresco tablets, an incrementally modified combination drug for treating benign prostatic hyperplasia.
Dongkook Pharmaceutical said Tuesday that it had signed a licensing and supply agreement for Uresco tablets with Spanish global pharmaceutical company Faes Farma on Sunday, covering 13 countries in Latin America over the next 10 years for a total of 39 billion won.
The agreement includes an upfront payment along with development and sales milestones of up to 2 million euros (about 3.5 billion won).
Faes Farma is one of Spain's leading global pharmaceutical companies, operating direct subsidiaries mainly in Europe and Latin America, with an extensive business network and solid sales and marketing capabilities.
In particular, the company has designated urology as a strategic therapeutic area in the Latin American market and continues to strengthen its prescription drug portfolio.
Faes Farma plans to sequentially pursue product approval procedures in the countries covered by the agreement, and will launch the product after completing approval in each nation. Dongkook Pharmaceutical also plans to secure a foundation for mid- to long-term business expansion by pursuing additional agreements in countries such as Brazil.
"Uresco's entry into the Latin American market is the first step in accelerating the global market expansion of the world's first combination drug," a Dongkook Pharmaceutical official said. "Going forward, we plan to strengthen our position in the global market by expanding overseas market entry for products such as long-acting microsphere injections based on our drug delivery system platform technology and liposome-based antifungal agents."
