NovoTek Pharmaceuticals Limited (NovoTek Group)
("NovoTek" or the "Company")
Distribution Partnership Forged with Hyundai Pharm. Co., Ltd.
(“HYUNDAI” or the “Company”)
NovoTek Pharmaceuticals Limited,a member of NovoTek Group, is pleased to announce the signing of a distribution agreement (“Agreement”) with Hyundai Pharmaceuticals Co. Ltd. (“Hyundai”), a Korea-based pharmaceutical corporation, for Hyundai’s innovative products, Surfolase capsule. The multi-year agreement assigns exclusive sales and marketing rights for the products to Novotek in Mainland China (“Territory”).
Surfolase capsule was in-licensed by Hyundai from original manufacturer company, Polichem S.A from 1998,and has been a steady seller for 20 years in Korea, Europe, and Central and South America. Chinese rapid developments in economy and industrialization have caused serious air pollution, introducing more and more patients suffering from asthma, lung disease or COPD. The total market size for Surfolase are expected to be expanding in the next a few years. In this collaboration, NovoTek will take responsibilities for all regulatory requirements in the territory to bring this product to Chinese pharmaceutical market.
CEO of NovoTek Pharmaceutical Limited, commented,
"We have been exploring good products that can be continuously introduced to Chinese market, one of the most fast-growing healthcare markets in the world. For our partnering with HYUNDAI, NovoTek's knowledge of the Territory's aggregate healthcare market and our expertise on pharmaceutical products will provide appropriate selling and technical support structure required for products. The Agreement has been framed to facilitate an initial ramp up period for NoveTekto conduct local clinical trials that support market approvals from the ChinaFood & Drug Administration (CFDA). Aggressive, growth-oriented, market penetration plans quickly follow to help ensure that both NovoTek and HYUNDAI 's minimum revenue expectations are met and ultimately exceeded."
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