LONDON (Alliance News) - Futura Medical PLC said Monday that it had inked an exclusive licensing agreement with Kwang Dong Pharmaceutical Co Ltd for the marketing and distribution of its CSD500 condom in South Korea.
Financial details of the agreement were not disclosed, however, Futura said it will receive an upfront payment and royalties on all product sales along with some minimum performance guarantees.
The company has already licensed rights for CSD500 in North America, some European countries, Scandinavia, the Middle East, North Africa and China.
"This deal represents the latest transaction in the worldwide licensing of CSD500 on a territorial basis and we are excited that the product will become available in South Korea," said Chief Executive James Barder in a statement.
Shares in Futura were trading up 3.2% at 57.30 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Futura Medical (FUM)