Arena, Ildong sign Belviq commercialization deal in South Korea

Ildong will distribute the weight loss or weight management drug subsequent to the Korea Food and Drug Administration (KFDA) approval.

Arena president and chief executive officer Jack Lief said, "We are continuing to execute on our vision to broaden the availability of BELVIQ for patients and physicians by establishing collaborations that support the drug’s development, approval and commercialization in additional territories worldwide."

Pursuant to the agreement, Ildong will make a $5m upfront payment besides additional $3m after winning the KFDA approval to Arena, which will manufacture the product at its Switzerland facility.

Ildong will bear the costs associated with the product’s development and is accountable for the regulatory approval and marketing in South Korea.

Belviq will be sold to Ildong for a purchase price opening at 35% of the company’s annual net sales with an increase up to 45%, on a tiered basis, on the part of annual net sales exceeding $15m.