Biocon & Handok Partner for Weight Management Drug in South Korea
By Rediff Money Desk, New Delhi May 24, 2024 10:04
Biocon and South Korea's Handok have signed a licensing and supply agreement for Biocon's Liraglutide, used in chronic weight management, to be commercialized in South Korea.
![Biocon & Handok Partner for Weight Management Drug in South Korea](https://im.rediff.com/money/2024/feb/22biocon.jpg)
Photograph: Kind courtesy Biocon
New Delhi, May 24 (PTI) Biocon Ltd on Friday said it has signed an exclusive licensing and supply agreement with South Korea's Handok for commercialisation of its complex drug product, synthetic Liraglutide, used in the treatment of chronic weight management.
Under the agreement Biocon will undertake the development, manufacturing and supply of the drug product, and Handok, a specialty pharmaceutical firm, will be responsible for obtaining regulatory approval and commercialisation in the South Korean market, the company said in a statement.
"... The partnership with Handok, which will enable patients in South Korea dealing with weight management to gain access to our GLP-1 peptide drug product, synthetic Liraglutide," Biocon CEO and Managing Director Siddharth Mittal said.
He further said, "This also aligns with our commitment to expand our portfolio of innovative, affordable medicines to address the unmet needs of patients around the world."
Handok is amongst South Korea's leading firms in the management of diabetes, offering a host of solutions from diagnosis to treatment and care.
"Liraglutide is an important drug product for treating diabetes and obesity. Our collaboration with Biocon will enable Handok to expand its portfolio into the obesity sector, which will benefit patients and sharpen our competitive edge," Handok Chairman YoungJin Kim said.
Biocon said the total addressable market opportunity of Liraglutide in South Korea is approximately USD 47 million as per the IQVIA MAT Q4 2023.
Under the agreement Biocon will undertake the development, manufacturing and supply of the drug product, and Handok, a specialty pharmaceutical firm, will be responsible for obtaining regulatory approval and commercialisation in the South Korean market, the company said in a statement.
"... The partnership with Handok, which will enable patients in South Korea dealing with weight management to gain access to our GLP-1 peptide drug product, synthetic Liraglutide," Biocon CEO and Managing Director Siddharth Mittal said.
He further said, "This also aligns with our commitment to expand our portfolio of innovative, affordable medicines to address the unmet needs of patients around the world."
Handok is amongst South Korea's leading firms in the management of diabetes, offering a host of solutions from diagnosis to treatment and care.
"Liraglutide is an important drug product for treating diabetes and obesity. Our collaboration with Biocon will enable Handok to expand its portfolio into the obesity sector, which will benefit patients and sharpen our competitive edge," Handok Chairman YoungJin Kim said.
Biocon said the total addressable market opportunity of Liraglutide in South Korea is approximately USD 47 million as per the IQVIA MAT Q4 2023.
Source: PTI
Read More On:
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.74 (+ 2.62)
- 84886833
- Srestha Finvest
- 2.24 (+ 4.67)
- 34707853
- Ola Electric Mobilit
- 132.76 (+ 19.99)
- 27685743
- Suzlon Energy Ltd.
- 79.93 (+ 4.10)
- 27308498
- IFL Enterprises
- 1.22 (+ 4.27)
- 24757806
MORE NEWS
![Sebi Eases...](https://im.rediff.com/80-80/money/2024/aug/10sebi1.jpg)
Sebi Eases Compliance for Listed NCDs - New...
Sebi proposes amendments to simplify compliance requirements for entities with listed...
![Chandrasekaran:...](https://im.rediff.com/80-80/news/2018/jan/04modi.jpg)
Chandrasekaran: Learn From Indian Wisdom &...
Tata Group Chairman N Chandrasekaran emphasizes the importance of learning from Indian...
JSW Cement Files IPO Papers to Raise Rs 4,000...
JSW Cement has filed draft papers with Sebi for an IPO to raise Rs 4,000 crore. The IPO...