CrystalGenomics signs agreement for Daewoong to commercialize Acelex in Korea

Korean biopharma company CrystalGenomics has signed a sales and marketing agreement with Daewoong Pharmaceutical to commercialize Acelex (polmacoxib) in Korea.

Daewoong will secure exclusive rights in Korea to sell and market Acelex, a 2mg capsule nonsteroidal anti-inflammatory drug for osteoarthritis. CrystalGenomics will receive an upfront payment and milestone payments from Daewoong. The companies will share profits from the sales of Acelex, which is expected to capture at least 10% of the arthritis market in Korea.

Joong Myung Cho, chairman and chief executive of CrystalGenomics, said: "We are quite pleased with this transaction as Daewoong's dominant position as one of the most established pharmaceutical companies in Korea coupled with a powerful sales and marketing infrastructure makes Daewoong an ideal commercial partner for us in Korea. Now that we have finalized our commercial partnership for the Korean market, we plan to pursue international partnerships to expand the market base for Acelex."