CJ Healthcare announced on Feb. 13 that it has signed a deal worth US$84 million with Mexico-based Laboratorios Carnot to exclusively supply its drug Tegoprazan for the next 10 years.
Tegoprazan, which is a treatment for gastroesophageal reflux disease, is the first novel drug developed by CJ Healthcare. The drugs will hit the shelves of 17 different Latin American countries from 2020.
The Mexican company will make an advance payment as a contract fee and give additional royalty fees to CJ Healthcare based on its net profit.
Established in 1941, Laboratorios Carnot is a known for its treatments for digestive diseases. The company currently has units throughout Latin America, including Brazil, Argentina and Columbia.
In 2015, it licensed out Tegoprazan to China’s Shandong Luoxin Pharmaceutical Group in a deal worth 100 billion won (US$88.93 million). Moreover, the company last year also licensed out Tegoprazan to Vietnamese drug maker Vimedimex Medi Pharma.
“We will continue to expand our presence globally to make our product a global blockbuster in gastroesophageal reflux disease drug market,” CJ Healthcare CEO Kang Seok-hee said in a statement.
By Song Seung-hyun (email@example.com)