NovoTek Pharmaceuticals Limited (NovoTek Group)
("NovoTek" or the "Company")
Distribution Partnership Forged with Invida International Trading (Shanghai) Co., Ltd
(“INVIDA” or the “Company”)
NovoTek Pharmaceuticals Limited, a member of NovoTek Group, is pleased to announce the signing of a distribution agreement (“Agreement”) with Invida International Trading (Shanghai) Co., Ltd (“INVIDA”), a Shanghai-based pharmaceutical corporation, for Menarini International Operations Luxembourg SA’s innovative products Sympal® (Ketoprofen Injection) and Rilaten® (Rociverine injection). The multi-year agreement assigns authorization to NovoTek to carry out all regulatory and clinical activities in China as well as exclusive sales and marketing rights for the products in Mainland China (“Territory”).
CEO of NovoTek Pharmaceutical Limited, commented,
Both Sympal® (Ketoprofen Injection) and Rilaten® (Rociverine injection) are original products developed by Menarini International Operations Luxembourg SA (Italy). After successful regulatory application, both products will be the first launch products in China for injectable formulations without generic formulation currently under applying process. This will alIow at least six year exclusivity for NovoTek on both products in China. NovoTek will take responsibilities for all regulatory activities in the territory to obtain Import Drug License. The total market size for both products are expected to reach RMB 1 billion and still expanding in the next a few years.
"We have been exploring good pharmaceutical products that can be continuously introduced to Chinese market, one of the most fast-growing healthcare markets in the world. Acute pain is a common symptoms of intraoperative and postoperative, 41% were moderate to severe intensity, while spasm of smooth muscle is a common disease which may accompany with severe pain. For our partnering with INVIDA, NovoTek's knowledge of the Territory's aggregate pharmaceutical market and our expertise on both products’ indication filed will provide appropriate selling and technical support structure required for products. The Agreement has been framed to facilitate an initial ramp up period for NoveTek to conduct local clinical trials that support market approvals from the China Food & Drug Administration (CFDA). We are expecting to have Rilaten® (Rociverine injection) and Sympal® (Ketoprofen Injection) market launch in China by 2016 and 2017, respectively. "
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