Dong Wha and Procter & Gamble Pharmaceuticals Form Alliance for Osteoporosis Treatments
SEOUL, Korea, July 2, 2007 – Dong Wha Pharmaceutical Ind. Co, (Korea Exchange: 000020) and Procter & Gamble Pharmaceuticals, Inc. (P&GP), a subsidiary of The Procter & Gamble Company (NYSE: PG), today announced a strategic alliance under which P&GP will have rights to develop and commercialize a novel class of molecules for the treatment of osteoporosis. The agreement includes Dong Wha’s novel drug DW1350 and a family of back up compounds.
Under the terms of agreement, Dong Wha will retain rights for
specific countries in Asia and will grant P&G exclusive rights
for the rest of the world. Dong Wha will receive an upfront
fee, development and commercial milestone payments, and royalties
on product sales. Total payments, excluding royalties, for
successful development and commercialization of products, including
DW 1350, could reach $511 million. The parties may also
negotiate a supply agreement in which Dong Wha would have an
opportunity to supply active pharmaceutical ingredient and finished
products to P&GP and its affiliates.
“It is a major milestone in our process for becoming a global
pharmaceutical company,” said Mr. Kil-Joon Yoon, President
and CEO of Dong Wha. “P&GP’s profound
understanding of patient need, together with its proven product
development skills in the osteoporosis field, makes them an ideal
partner, and we are delighted that P&GP shares our objective of
developing new therapeutic agents that improve bone
quality.”
"Dong Wha’s approach to scientific discovery and the
potential of this new class of compounds as a novel treatment for
osteoporosis is very impressive and a perfect fit as we look to
broaden our portfolio in the musculoskeletal therapeutic
area,” said Tom Finn, President, Global Health Care, The
Procter & Gamble Company. “It is our goal to be a
leader in the area of bone health by developing a range of therapy
options that will bring relief to the many patients suffering from
musculoskeletal diseases.”
About Dong Wha Pharmaceutical
Dong Wha Pharmaceutical Ind. Co. is a leading Korean pharmaceutical
company with 100 year history of manufacturing and exporting more
than 400 medical products. In its drug development programs, the
Company has been aggressively invested in R&D activities
focused on finding new treatments for osteoporosis, infections,
cancer and diseases of the central nervous system. For more
information, please see the company's web site at www.dong-wha.co.kr.
# # #
Contacts:
Dong Wha Pharm. Ind. Co., Ltd.
Matthew Choung
P: +82-2-2021-9300
jjchoung@eubio.co.uk
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