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CrystalGenomics to expand export accord with PharmArtis

Lee Han-soo  Published 2019.04.09  18:14  Updated 2019.04.09 18:14

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CrystalGenomics said Tuesday that it has expanded its export agreement for Acelex, the nation's 22nd novel drug treating degenerative arthritis, with PharmArtis International, a Russian-based company, to include four Eurasia countries.

The company initially signed a deal with PharmArtis to sell Acelex in Russia in November 2018. Under the contract, CrystalGenomics would have supplied finished goods of Acelex, while PharmArits would have worked toward Russia’s regulatory approval for clinical trials and conduct marketing and distribution.

The changed accord gives PharmArtis exclusive rights to supply and sell Acelex in all Eurasian Economic Union (EAEU), which include Belarus, Kazakhstan, Armenia and Kyrgyzstan.

With the new contract, CrystalGenomics will receive $77.5 million, including the upfront payment, in milestone payments. The deal is worth $121.4 million.

“The addition of EAEU's four-member countries in the contract proves Acelex's excellence and the possibility of further market expansion,” a company official said. “Acelex is expected to generate overseas sales as well as an increase in local earnings this year.”

corea022@docdocdoc.co.kr

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