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news.BioAlliance Pharma has entered into an exclusive licensing agreement under which Korea-based Handok Pharmaceuticals will receive commercialization rights for Loramyc in Korea, Taiwan, Singapore and Malaysia.
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BioAlliance Pharma’s third commercial partnership is potentially worth $12 million to the Paris-based firm, including $1.5 million on signature and a further $1.5 million on first sale in Korea – the remainder being sales milestones (up to $9 million) in the designated territory and double-digit royalties commensurate with the product stage.
BioAlliance Pharma’s innovative, muco-adhesive antifungal therapy Loramyc (miconazole Lauriad) is already approved in Europe and a Phase III clinical trial has just completed in the US.
Young-jin Kim, CEO of Handok Pharmaceuticals, said: “Handok plans to launch Loramyc in 2010. We expect to establish a mutually beneficial, long-term partnership with BioAlliance Pharma because this agreement opens the door to more products from both BioAlliance and the world of biotech and will contribute to Handok’s continued expansion.”