Daewoong Pharmaceutical signs Fexuprazan deal in Middle East
Daewoong Pharmaceutical signed a deal potentially worth 99.1 billion won ($83.7 million) with Aghrass Healthcare Limited to license its Fexuprazan gastroesophageal reflux treatment.
Under the agreement, the Jeddah, Saudi Arabia-based company will sell Fexuprazan in six Gulf Cooperation Council (GCC) countries: Saudi Arabia, United Arab Emirates, Bahrain by 2024, and Kuwait, Oman and Qatar by 2025.
Cigalah Group, the parent company of Aghrass Healthcare, had the third largest market share in the biopharmaceutical market in Saudi Arabia as of 2019. GCC countries are its major customers.
The deal with Aghrass Healthcare will "help Daewoong to expand its presence in Middle East," the Korean company said.
“The potential of Fexuprazan has been proved again as we signed licensing deals in theMiddle East, in addition to the United States, China and Central and South America,” said Park Hyun-jin, manager of Daewoong Pharmaceutical’s overseas business division. “With Fexuprazan, we will strive to offer better treatment options to patients all over the world who are suffering from gastrointestinal disorders.”
BY SARAH CHEA [email@example.com]