04 Jun 2013, BioSpectrum Bureau , BioSpectrum
Singapore: EffRx Pharmaceuticals announced the signing of an exclusive distribution agreement with Ahn-Gook Pharmaceutical for Binosto - EffRx's innovative osteoporosis medication - for the Korean market.
Under the terms of the agreement, EffRx grants exclusive rights to Ahn-Gook to register, market and distribute Binosto in South Korea. This agreement will leverage Ahn-Gook's strong local presence and expertise in Korea.
Binosto is the first and only buffered solution for the treatment of osteoporosis, delivering fracture-risk reduction at the hip and spine and offering the potential to improve adherence to therapy. Binosto is taken with a small amount of water and lowers gastric acidity in the first 30 minutes after administration, a time when the patient must not eat or drink anything other than plain water.
Mr Christer Rosen, EffRx chairman and CEO, said at the signing ceremony, "We are pleased to initiate a partnership with Ahn-Gook who has a dynamic and outstanding sales force, and we are convinced that Ahn-Gook becomes a new strong player in the Korean osteoporosis market."
Mr Jin Auh, Ahn-Gook president & CEO, said that the Korean market is worth $140 million, and bisphosphonates account for more than 90 percent. "We highly expect Binosto to overcome limitations of current bisphosphonates," he said.
Binosto is expected to be registered in Korea in 2014 and launched within the same year.