CrystalGenomics, Inc. has announced that it has signed a Sales and Marketing Agreement with Dong-A ST Co., Ltd. for the commercialization of Acelex® (polmacoxib) in Korea.
Under the terms of the agreement, Dong-A ST will secure exclusive rights in Korea to sell and market Acelex, 2mg capsule, a novel NSAID developed by CrystalGenomics for the treatment of osteoarthritis. CrystalGenomics will receive up to KRW 8.5 billion in upfront and milestone payments from Dong-A ST and will share profit from sales of Acelex, which is expected to rapidly capture significant portion of the arthritis market in Korea that is estimated to be worth more than KRW 500 billion per year. Osteoarthritis is quite common in Korea and the number of patients is growing at 18% per year due to aging and obesity.
Dong-A ST, one of the largest South Korean pharmaceutical companies, manufactures and markets pharmaceutical products and medical devices worldwide in various therapeutic areas including gastroenterology, urology, oncology, cardiology and orthopedics.
Chairman & CEO of CrystalGenomics, Dr. Joong Myung Cho said, "We are quite pleased with this partnership as Dong-A ST is one of the most established pharmaceutical companies in Korea. Additionally, Dong-A ST's solid sales and marketing infrastructure makes them an ideal commercial partner for us in Korea."
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