Rockwell signs agreement to license Triferic in South Korea
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Rockwell Medical Inc. has entered into a license agreement with Jeil Pharmaceutical Co. Ltd. for the rights to commercialize Triferic in South Korea.
According to a company press release, Jeil will be the exclusive development and commercialization partner for Triferic (ferric pyrophosphate citrate) in South Korea. In consideration for the license, Rockwell Medical will receive an upfront fee and will be eligible for milestone payments and royalties on net sales.
Jeil has developed and supplied pharmaceutical products and contributed to the growth and development of the pharmaceutical industry in Korea since its founding in 1959, according to the release. Jeil has approximately 1,000 employees and more than $576 million in sales for the year ended 2019.
“There remains a sizable and growing market opportunity with over 78,000 patients receiving hemodialysis annually and expect the number of [chronic kidney disease] CKD dialysis patients to continue to increase and double by 2030,” Suk-Je Sung, president and CEO of Jeil, said.
Product sales are anticipated to begin in early 2022, subject to regulatory approval.
“We are pleased to announce the license agreement with Jeil and the establishment of a relationship between our two companies,” Russell Ellison, MD, president and CEO of Rockwell Medical, said. “With its substantial development and commercialization capabilities and local market expertise, Jeil is well positioned to ensure that hemodialysis patients have access to our innovative therapeutic across South Korea.”
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