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SK Biopharmaceuticals, Eurofarma to launch telehealth joint venture

Published: 15 Jan. 2025, 14:25 Updated: 15 Jan. 2025, 18:29

LEE JAE-LIM
[email protected]

SK Biopharmaceuticals CEO Lee Dong-hoon speaks at a press event on Monday announcing the joint venture formed between the Korean company and Eurofarma in San Francisco. [SK BIOPHARMACEUTICALS]

SAN FRANCISCO — SK Biopharmaceuticals is partnering with Brazilian pharma giant Eurofarma to establish a joint venture focused on digital health care, aiming to develop an AI-driven platform for managing epilepsy patients.

SK Biopharmaceuticals CEO Lee Dong-hoon announced the initiative on Monday during a news conference in San Francisco, where 43rd J.P. Morgan Healthcare Conference is taking place.

“We will be working together to develop an AI model and algorithm to predict seizures using epilepsy data,” Lee said.

“We are delving into the field of seizure management by addressing the entire patient care cycle. It’s not only important to provide medication for those already experiencing seizures but also to detect and manage seizures in real time. Early detection of an acute seizure can enable timely medication and intervention. If patients receive an alert about a potential seizure, they can take preventive measures to ensure their safety before it occurs.”

Neither stake equity ratio nor the sum of the investment were disclosed, but both are “mutually beneficial” for both companies, according to Lee.

SK Biopharm and Eurofarma have been partners since June 2022 as the two companies entered a licensing agreement to commercialize SK Biopharm’s anti-seizure drug Cenobamate in Latin America.

Cenobamate, marketed as Xcopri in the United States, is SK Biopharm’s main source of revenue. U.S. sales of the treatment totaled 270.8 billion won in 2023, a 60.1 percent increase year over year.

Global Market Insights projected that the tele-epilepsy market would reach a value of $1.8 billion by 2032, with North America the largest single market, accounting for 47 percent of the global market.

SK Biopharm stated that the two companies have secured the funding to develop and operate the joint venture for three years. The joint venture will be based in the United States, focusing on the North American market, with efforts underway to recruit executives for localization. SK Biopharm plans to leverage its existing medical network and partnerships in the United States, established through the distribution of Cenobamate, to strengthen its market entry.

“This is a long-term framework, not just grounded around predicting seizures with digital solutions, but also to expand into the central nervous system by continuously collecting related data,” Lee said.

“We have a five-year game plan, during which we expect to reach the point where our drug becomes a blockbuster. By that time, our cash flow will be strong, and over the next five years, we plan to invest in targeted protein degradation and radiopharmaceuticals.”

The joint venture aims to integrate epilepsy-related products, including the AI platform, and broaden its portfolio by introducing additional products such as diagnostic tools, thereby diversifying its offerings.

“The key is to build a community platform where epilepsy patients can communicate. That is the core of digitization.”

BY LEE JAE-LIM [[email protected]]