Healthcare Industry News: osteoporosis
News Release - July 3, 2007
Dong Wha and Procter & Gamble Pharmaceuticals Form Alliance for Osteoporosis TreatmentsSEOUL, Korea, July 3 (HSMN NewsFeed) -- Dong Wha Pharmaceutical Ind. Co, (Korea Exchange: 000020) and Procter & Gamble Pharmaceuticals, Inc. (P&GP), a subsidiary of The Procter & Gamble Company (NYSE: PG ), today announced a strategic alliance under which P&GP will have rights to develop and commercialize a novel class of molecules for the treatment of osteoporosis. The agreement includes Dong Wha's novel drug DW1350 and a family of back up compounds.
Under the terms of agreement, Dong Wha will retain rights for specific countries in Asia and will grant P&G exclusive rights for the rest of the world. Dong Wha will receive an upfront fee, development and commercial milestone payments, and royalties on product sales. Total payments, excluding royalties, for successful development and commercialization of products, including DW 1350, could reach $511 million. The parties may also negotiate a supply agreement in which Dong Wha would have an opportunity to supply active pharmaceutical ingredient and finished products to P&GP and its affiliates.
"It is a major milestone in our process for becoming a global pharmaceutical company," said Mr. Kil-Joon Yoon, President and CEO of Dong Wha. "P&GP's profound understanding of patient need, together with its proven product development skills in the osteoporosis field, makes them an ideal partner, and we are delighted that P&GP shares our objective of developing new therapeutic agents that improve bone quality."
"Dong Wha's approach to scientific discovery and the potential of this new class of compounds as a novel treatment for osteoporosis is very impressive and a perfect fit as we look to broaden our portfolio in the musculoskeletal therapeutic area," said Tom Finn, President, Global Health Care, The Procter & Gamble Company. "It is our goal to be a leader in the area of bone health by developing a range of therapy options that will bring relief to the many patients suffering from musculoskeletal diseases."
About Dong Wha Pharmaceutical
Dong Wha Pharmaceutical Ind. Co. is a leading Korean pharmaceutical company with 100 year history of manufacturing and exporting more than 400 medical products. In its drug development programs, the Company has been aggressively invested in R&D activities focused on finding new treatments for osteoporosis, infections, cancer and diseases of the central nervous system. For more information, please see the company's web site at http://www.dong-wha.co.kr.
Source: Dong Wha
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