Kitov announces license agreement for KIT-302 in South Korea.
Kitov Pharmaceuticals Holdings Ltd., a biopharmaceutical company, announced it has signed a definitive license agreement for its lead product candidate, KIT-302, which was developed to simultaneously treat pain caused by osteoarthritis and to treat hypertension, for the territory of South Korea with Kuhnil Pharmaceutical Co. Ltd., a leading South Korea-based pharmaceutical company.
Upon receipt of marketing authorization in South Korea, Kuhnil will have the exclusive right and license to manufacture, distribute and sell KIT-302 in South Korea. Kuhnil will be responsible for seeking regulatory approval for KIT-302 in South Korea.
Under the terms of the agreement, Kitov is entitled to receive milestone payments upon achievement of certain predefined regulatory milestones, as well as double digit royalties on net sales. The initial term of the definitive agreement with Kuhnil is for 10 years from the date of first commercial sale and shall automatically renew for an additional one-year term. Commercial launch in South Korea is estimated to take place in 2019.
Dr. Gil Ben-Menachem, Kitov’s Vice President of Business Development, said: “We are extremely pleased to enter into our first commercialization agreement for KIT-302 and look forward to building a long-term relationship with Kuhnil in South Korea and potentially to expanding the collaboration into other territories in the Far East. Kuhnil has a proven track record in successfully launching and marketing pharmaceutical products in South Korea, and is perfectly positioned to introduce KIT-302 into the Korean market. Kitov continues to work diligently towards executing additional commercialization agreements for KIT-302, in the US and other regions.”
“We believe that KIT-302 has significant commercial potential in South Korea and Asia,” said Young J. Kim, Kuhnil’s President & Chief Executive Officer. “Based on our decades of pharmaceutical development, regulatory and manufacturing experience and expertise in South Korea, we are well positioned to maximize the value of this product in the marketplace. We look forward to seeking regulatory approval and initiating launch preparations for KIT-302 in South Korea.”
(Source: PR Newswire)