Medical Developments International Limited (“MDI”) (ASX: MVP) is delighted to announce it has reached agreement with BL&H Co Ltd (“BL&H”) for the exclusive distribution rights of Penthrox® in Korea.
The transaction includes upfront and milestone payments of AUD $1.2 million and BL&H will manage the registration, reimbursement and approval process of Penthrox in Korea.
BL&H expect to obtain approval and launch Penthrox in Korea during FY18. The CEO of MVP, Mr. Sharman said: “BL&H are one of Korea’s fastest growing pharmaceutical companies and we are delighted to partner with them for Penthrox. Korea is an important market in Asia and BL&H believe Penthrox represents an attractive commercial opportunity with sales potential of circa 300,000 units per annum.”
Mr D C Roh, president of BL&H said: “We are very excited to bring Penthrox to the Korean market. Penthrox represents a unique commercial opportunity for our company because of its clinical advantages in the treatment of patients suffering acute trauma pain. The Korean market has nothing like Penthrox available anywhere and we expect it will be an important product for our company for many years to come.”
Nice one, can't hurt the sales. These guys continue to perform IMO.
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