Huons said that it plans to enter the biosimilar market by collaborating with Prestige Bio Pharmaceutical, the Korean branch of Singapore-based Prestige BioPharma.
|Huons CEO Um Key-an (right) and Prestige Bio Pharmaceutical CEO Kim Jin-woo agreed to strengthen business partnership at Huons headquarters in Seongnam, Gyeonggi Province, on Wednesday.|
Under an agreement, Huons has secured local exclusive sales rights for HD204, an Avastin Biosimilar, and PBP1502, a Humira Biosimilar.
With the addition of the two biosimilars, Huons now holds exclusive sales rights for three biosimilars manufactured by Prestige Bio. The company has had an exclusive sales right agreement for Prestige Bio's HD201, a Herceptin biosimilar.
Huons also agreed to invest in Prestige Bio Pharmaceutical.
"We believe the introduction of a biosimilar business is essential at a time when the company is widening its pace as a global total healthcare company," Huons CEO Um Key-an said. "As patents for major biopharmaceuticals are about to expire, the company will quickly secure biosimilars and develop them into Huons' future growth engine."
Prestige Bio Pharmaceutical CEO Kim Jin-woo also said, "We are pleased to conclude this agreement with Huons, which has manufacturing and production facilities of cGMP level as well as domestic and overseas pharmaceutical business know-how."