[Source: HK inno.N]
HK inno.N is speeding up the penetration of its gastroesophageal reflux disease drug K-cab (tegoprazan) into the global market.
The Korean pharmaceutical company Tuesday signed a distribution partnership agreement with Dr. Reddy’s Laboratories, India’s leading multinational pharmaceutical company, to export K-cab to seven countries.
HK inno.N shares gained nearly 2 percent to trade at 38,450 won ($30.12) on Wednesday morning.
The agreement grants Dr. Reddy’s exclusive rights to distribution of K-cab in India, South Africa, Russia, Kazakhstan, Uzbekistan, Ukraine, and Belarus over the next 10 years.
India is one of the top four markets, along with China, the United States, and Japan in peptic ulcer care. K-cab is already exported to China and the U.S.
India’s peptic ulcer market is estimated to be valued at about 900 billion won for the first three quarters this year behind China (3.1 trillion won), the U.S. (2.8 trillion won), and Japan (2.1 trillion won).
The agreement brings the total number of countries for export or technology license of K-cab to 34.
“This year marks the first year of K-cap’s entry into the global market and we aim to export K-cab to 100 countries by 2028,” said a company official.
By Minu Kim
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