Singapore, Aug 24, 2010: Medivir of Sweden has announced the appointment of South Korea's Daewoong Pharmaceutical as its exclusive distributor for Xerclear in South Korea. Under the terms of the agreement, Daewoong will be responsible for obtaining the regulatory approvals, and for marketing, sales and distribution of Medivir’s cold sore product in the territory. In consideration of the rights granted to Daewoong, Medivir will receive upfront and milestone payments and royalties on sales according to a profit sharing scheme.
"We are pleased to announce this collaboration and to have Daewoong as our partner for Xerclear in South Korea”, said Mr Ron Long, CEO of Medivir, and continued, “We recently initiated a collaboration with Daewoong around MIV-210 (hepatitis B) and the Xerclear distribution agreement further strengthens the relationship between our companies”.
“Medivir is an ideal partner for us and Xerclear is a perfect fit for our portfolio, providing us the excellent opportunity to offer health care professionals, care providers and patients its considerable benefits. We believe there will be a substantial market opportunity in South Korea for this topical product for the treatment of recurrent herpes labialis”, concluded Dr Jong-Wook Lee, president and CEO, Daewoong Pharmaceutical.
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