SEOUL, Sept. 24 (Korea Bizwire) – Bukwang Pharmaceutical, famous for anemia medicine Feroba, is expected to acquire Danish bio-venture firm Contera Pharma, which developed a new treatment material for Parkinson’s disease. After the acquisition, the Korean medical company will focus on the development of medicine for the disease.
On September 23, Bukwang announced that it signed a term sheet for the acquisition of the central nervous system (CNS) centered bio-venture Contera Pharma. The term sheet is a binding agreement to further discuss the detailed terms prior to the formal contract including technology transfer.
Bukwang is expected to acquire almost 100 percent of the share of the Copenhagen-based R&D company. The detailed transaction amount is not disclosed.
Contera Pharma developed the new drug material named JM-010 which is developed based on a poly-pharmacological approach to treat or prevent L-DOPA induced dyskinesia which 60-70 percent of patients of Parkinson’s disease are suffering when they take the L-DOPA for a long term. Bukwang plans to implement the first phase of clinical test of the material in order to make a new drug.
An official at Bukwang Pharmaceutical said, “We will finish the detailed discussion by the end of October and sign a formal contract for the M&A. With the acquisition, we will secure the new material to develop a new medicine for Parkinson’s disease.”
Bukwang will run Contera Pharma as an independent subsidiary and form a network with European bio-ventures by employing local researchers.
By John Choi (email@example.com)