NORGINE B.V. AND KOREA PHARMA CO., LTD. ENTER INTO EXCLUSIVE LICENCE AGREEMENT FOR THE COMMERCIALISATION OF PLENVU® IN THE REPUBLIC OF KOREA
· Norgine to receive a significant upfront payment and undisclosed sums in sales milestones along with double-digit percentage royalties
· Norgine retains full commercial rights to PLENVU® in all unlicensed countries
NORGINE B.V. (Norgine), a leading European specialist pharmaceutical company and KOREA PHARMA CO., LTD. (Korea Pharma), a premier pharmaceutical manufacturer in Korea, today announced an exclusive licence and distribution agreement in the Republic of Korea by which Korea Pharma will commercialise Norgine’s product PLENVU®.
PLENVU® is a lower-volume (1L) polyethylene glycol (PEG) based bowel preparation for colonoscopy in adults. It is the first lower-volume bowel preparation to show superior segmental cleansing of the colon vs. standard of care.
Jae-Don Park, Chairman and CEO of Korea Pharma said, “Building on our strong presence and knowledge in the South Korea market, we look forward to making PLENVU® available to healthcare professionals to help them to improve colonoscopy outcomes as well as patient experience and adherence to bowel cleansing instructions.”
“We are excited about our collaboration with Korea Pharma, a trusted player” said Peter Stein, Chairman and CEO of Norgine. "South Korea is an important market and this partnership reflects the breadth and scope of Norgine’s capabilities to build a strong network and reach out to more patients worldwide.”
PLENVU® is currently available in mainland Europe (except France and Sweden) and Australia via Norgine and in the USA via its partner Salix Pharmaceuticals. For further information on PLENVU® in the EU visit www.expertiseincolonoscopy.com/plenvu