Grünenthal and BCWorld Pharm Co. (BCWP) have announced the signing of a definitive agreement under which BCWP will hold exclusive rights in South Korea for Qutenza, a topical, non-systemic, non-opioid patch treatment.
In Europe, this product is used to treat peripheral neuropathic pain.
According to the terms, BCWP will be responsible for securing marketing approval for Qutenza in South Korea. Once approved, they will handle marketing and distribution.
Grünenthal will reportedly receive an upfront payment and earn milestone payments tied to regulation and sales.
"We are executing on a dedicated strategy to bring Qutenza into the Asia-Pacific region to facilitate greater access to non-opioid treatment options for people living with pain and expand the brand's global footprint," said Jan Adams, Chief Commercial Officer at Grünenthal.
With BCWP, we have a strong speciality care partner in South Korea, a major market in the Asia-Pacific region and we are pleased to expand our existing partnership to further progress towards our vision of a World Free of Pain.
"Expanding access to innovative, non-opioid treatment options for patients with neuropathic pain is central to our mission of 'Commit to a Better Future for Patients'," added Steve Hong, CEO of BCWorld Pharm.
Our partnership with Grünenthal enables us to introduce Qutenza to South Korea while further diversifying and strengthening our pain management portfolio.
In 2018, Grünenthal acquired the global rights to Qutenza as part of its growth strategy driven by mergers and acquisitions.
Since 2017, Grünenthal has successfully completed acquisitions totalling an expected deal value of more than €2.3bn, allowing the company to diversify its portfolio, enhance profitability and drive business growth.