Oramed inks deal with Medicox for oral insulin in South Korea
Israel-headquartered clinical-stage diabetes specialist Oramed Pharmaceuticals (Nasdaq/TASE: ORMP) saw its shares rise as much as 3.3% to $7.82 in early trading, after it revealed signing an exclusive commercial distribution agreement for South Korea with Medicox Co, an emerging biotech company with an excellent consortium of proven partnerships in the Republic of Korea.
Under the accord, Medicox will get an exclusive license to apply for regulatory approval for and will distribute Oramed’s oral insulin candidate (ORMD-0801) for 10 years in Korea. ORMD-081 is an oral glucagon-like peptide-1 (GLP-1) analog of exenatide capsule for type 2 diabetes.
Medicox will purchase ORMD-0801 at an agreed transfer price and will additionally pay Oramed up to $18 million, $2 million of which have already been received by Oramed to date, in developmental milestones and up to 15% royalties on gross sales. Medicox will additionally be responsible for gaining regulatory approval in Republic of Korea.
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