January 2, 2013
PHARMASCIENCE EXPANDS INTO KOREA BY SIGNING AGREEMENT WITH KOREA KOLMAR HOLDINGS TO CREATE PHARMASCIENCE KOREA
Pharmascience Inc. and Korea Kolmar Holdings, based in Seoul, Korea, today announced they have entered into an agreement to create a new company, Pharmascience Korea, which expects to launch Canadian-made bio-equivalent medicines in the country by 2014.
The two companies will contribute equal capital amounts into Pharmascience Korea, which will seek approval of the Korea Food and Drug Administration to market a variety of Pharmascience bio-equivalent medicines in Korea by mid-2014. The initial product portfolio will focus on central nervous system medications to treat a variety of psychiatric disorders.
The products will be manufactured by Pharmascience at its state-of-the-art facility in Montreal which recently underwent a significant expansion and upgrade involving an investment of $40 million.
?This collaboration allows Pharmascience to establish a significant presence in the important Korean pharmaceutical market, and is consistent with our strategy of expanding the Pharmascience presence internationally and creating an opportunity to increase the level of exports from our Montreal manufacturing facility,? said David Goodman, Chief Executive Officer of Pharmascience Inc.
?Kolmar is a very successful company in Korea with great reputation and values like those of Pharmascience, making for a great fit between the two organizations,? said Trevor Arsenault, Vice-President, Pharmascience International Division. ?Their local expertise is a key asset in this partnership and we anticipate great success from this joint endeavour.?
Dong-han Yoon, Founder and Chairman of the Board of Korea Kolmar Holdings, said, ?We are very pleased to enter into this important partnership with Pharmascience which will allow us to bring their high-quality, Canadian-made medicines to patients in Korea.?
The Korean bio-equivalent drug market is ranked the 13th largest in the world while that of Canada is ranked 10th. Management of the new company will be announced shortly.
COSMO USA IBRC, Inc., a life sciences industry consulting company, served an integral role in bringing Pharmascience and Kolmar Korea together for this agreement. Important support was also received from KOTRA (Korea Trade-Investment Promotion Agency) Toronto of the Consulate General of the Republic of Korea, Commercial Section, as well as the Canadian Trade Commissioner in Canada and South Korea.
About Korea Kolmar Co. Ltd.
A subsidiary of Korea Kolmar Holdings, Korea Kolmar Co. Ltd. was founded in 1990 and is a major manufacturer of cosmetics and pharmaceutical products. It is Korea?s largest cosmetics manufacturer, responsible for almost one third of all cosmetics sold in the country. Its Pharmaceutical division is responsible for about 30 per cent of company sales. The company has 700 employees and had revenues in 2011 of US$300 million, an increase of 20 per cent over 2010.