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LONDON (Alliance News) - Faron Pharmaceuticals Ltd on Monday said it has inked a licensing agreement with Pharmbio Korea Inc for the development and commercialisation of the Traumakine in Korea.
Traumakine is in development for acute respiratory distress syndrome, and is currently in a phase III trial.
Under the terms of the agreement Pharmbio will obtain exclusive Korean rights to Traumakine, and Faron will receive an initial signing fee of USD750,000. Pharmbio will pay Faron one third of the Traumakine profits, and Faron will provide Pharmbio with European approval material for it to obtain market authorisation in Korea.
"We are very pleased to have signed this agreement with Pharmbio which represents a great opportunity for Traumakine to enter the Korean market. Given the successful track record of Pharmbio sales team, achieving a steady 30% sales growth over the last five years, it is an excellent partner for Traumakine in the Korean market," said Chief Executive Markku Jalkanen in a statement.
Shares in Faron Pharmaceuticals were untraded Monday morning at 255.00 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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