SINGAPORE--CrystalGenomics signed a sales and marketing deal with South Korea's Daewoong Pharmaceutical for the commercialization of Acelex (polmacoxib), granting the South Korean firm exclusive rights in country for the osteoarthritis treatment.
CrystalGenomics will receive an upfront payment and milestone payments from Daewoong and also share profits for a therapy initially aimed to capture at least 10% of the arthritis market in South Korea.
Daewoong Pharmaceutical, one of the largest South Korean pharmaceutical companies, develops, manufactures, and commercializes pharmaceuticals and has the largest prescription drug sales in the Korean market. Currently, Daewoong commercializes 10 blockbuster products in various therapeutic areas including orthopedics and analgesics.
- here's the release