Biocon announced the signing of an exclusive licensing and supply agreement with Handok, a pharma company in South Korea, for the commercialisation of its vertically integrated, complex drug product, Synthetic Liraglutide.
Liraglutide is an injection in a pre-filled pen, used in the treatment of chronic weight management as an adjunct to a reduced-calorie diet and increased physical activity.
Under the terms of this agreement Biocon will undertake the development, manufacturing and supply of the drug product, and Handok will be responsible for obtaining regulatory approval and commercialisation in the South Korean market.
Siddharth Mittal, Chief Executive Officer and Managing Director, Biocon, said “We are pleased to enter into this strategic partnership with Handok, which will enable patients in South Korea dealing with weight management to gain access to our GLP-1 peptide drug product, Synthetic Liraglutide.”
YoungJin Kim, Chairman of Handok, commented, “Liraglutide is an important drug product for treating diabetes and obesity. Our collaboration with Biocon will enable Handok to expand its portfolio into the obesity sector, which will benefit patients and sharpen our competitive edge.”
The total addressable market opportunity of Liraglutide in Korea is approximately US $47 million as per the IQVIA MAT Q4 2023
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