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news.Labopharm has completed a licensing and distribution agreement for South Korea for its once-daily tramadol pain drug with WhanIn Pharmaceutical.
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“This agreement marks our first foray into Asia as we continue to establish sales channels in key markets around the world as part of the global commercialization program for our once-daily tramadol product,” said James R. Howard-Tripp, president and CEO, Labopharm.
Under the terms of the agreement, WhanIn will have the exclusive right to market and sell Labopharm’s once-daily tramadol product in South Korea. Labopharm will supply WhanIn with the drug and will receive revenue at rates commensurate with those of previous licensing and distribution agreements that Labopharm hasentered into for European markets. Labopharm will also receive an up front payment.
South Korea is the 11th largest pharmaceutical market in the world. For the 12 month period ended September 2005, total pharmaceutical sales were US$7 billion, representing growth of 15% over the previous 12-month period.
Labopharm’s once-daily formulation of tramadol is currently under regulatory review in South Korea.