Kolon Life Sciences said on Jan. 14 that it has signed an agreement with Mundipharma of the United States to export 100 billion won (US$89.75 million) worth of Invossa, the world's first cell and gene therapy for osteoarthritis, to nine countries.
Under the terms of the agreement, Mundipharma will act as a local licensing agent for Invossa in seven countries in Southeast Asia, Australia and New Zealand and will be the exclusive agent for distribution and marketing of Invossa in these countries.
Kolon Life Sciences will receive 19 billion won in down payment, 14.93 billion won for seven countries in Southeast Asia including Indonesia, Myanmar, Philippines, Malaysia, Singapore, Thailand and Vietnam, and 4.23 billion won for Australia and New Zealand.
Kolon Life Sciences expects sales of approximately 80.6 billion won in Southeast Asia and 23.2 billion won in Oceania over the next five years.
"We will accelerate entry into markets of other Asian countries, including China, Taiwan, India, Bangladesh, Cambodia, Nepal, Pakistan, Sri Lanka, Brunei and Laos,” said an official from Kolon Life Science.
Invossa sales have reached 1 trillion won, including the technology export to Japan and product exports to Hainan province, China. In Korea, a total of 2,600 doses have been sold by 2018.