SK Biopharmaceuticals Co.’s headquarters in Bundang, south of Seoul, is seen in this photo provided by the company.
SEOUL, Aug. 18 (Korea Bizwire) – SK Biopharmaceuticals Co., a pharmaceutical affiliate of South Korea’s SK Group, said Friday it has reached a license and commercialization deal with the Middle East unit of British drugmaker Hikma Pharmaceuticals Plc.
Under the deal, Hikma MENA FZE is granted an exclusive license to develop and commercialize the Korean company’s signature anti-epilepsy treatment, cenobamate, in 16 nations in the Middle East and North Africa (MENA), including Saudi Arabia and Egypt, according to SK Biopharm.
SK Biopharm will receive a payment of US$3 million upfront and royalties based on sales.
The anti-epilepsy market in the populous MENA region is estimated at $442 million, added the company.
Cenobamate is a medication for partial-onset seizures in adults discovered by SK Biopharm and its U.S. subsidiary SK Life Science, approved for medical use in the United States in end-2019 and in Europe in 2021.
It is sold under the brand name Xcopri in the U.S. and Ontozry in Europe.
On top of that, the two companies also entered into a strategic partnership that gives Hikma priority negotiating rights for future products launched by SK Biopharm in the MENA region.
Through the agreement, SK Biopharm will receive an upfront payment of $20 million.
It said it is planning to utilize the new funds for strengthening its research and development and seeking new business drivers through mergers and acquisitions.
(Yonhap)
