SEOUL, South Korea, July 24, 2023 /PRNewswire/ -- Daewoong Pharmaceutical (CEO Jeon Seng-ho, Lee Chang-jae) announced on the 19th of June the signing of an Agreement for license and distribution of potassium-competitive acid blocker (P-CAB) type drug Fexuprazan to Morocco, which is the second largest pharmaceutical market in the North Africa. The partnering company is Cooper Pharma, a leading Moroccan pharmaceutical company with presence in Africa and Middle East.
The Agreement is worth about USD20.32 million (equivalent to KRW27 billion) and the local release of Fexuprazan in Morocco is scheduled for 2025. Cooper Pharma will carry out active marketing campaigns for the sale of Fexuprazan for a term of 10 years in the Moroccan market.
Cooper Pharma, founded in 1933, has rapidly expanded its businesses in the pharmaceutical industry, keeping its number one ranking position in Morocco's PPI market, which was estimated to be around KRW75.5 billion in revenue last year. Daewoong intends to propose a new innovative solution to GERD drugs building on Cooper Pharma's significant market dominance and network.
By entering into this Agreement, Daewoong Pharmaceutical plans to expand its presence of P-CAB drug Fexuprazan in the African pharmaceutical market for gastroesophageal reflux disease (GERD). Fexuprazan, in particular, features fast and stable suppression of gastric acid regardless of food intake and the longest half-life of 9 hours among P-CABs, meaning that the treatment has a longer duration action than other drugs.
Jeon Seng-ho, CEO of Daewoong Pharmaceutical, said, "It is inspiring that we have entered the African market in just less than a year after its launch in Korea, in the global market for treating gastroesophageal reflux diseases" adding, "We will continue to show the strength of Fexuprazan and make it grow into a global blockbuster."
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.
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