LG Life Sciences (LGLS) announced today that LGLS and Mochida Pharmaceutical have finalized the agreement on co-development and commercialization of a biosimilar product in Japan.
LGLS and Mochida are planning to cooperate in the clinical trials and the registration of such a biosimilar product in South Korea and Japan. LGLS will supply the final products which will be manufactured in its Osong facility to both South Korea and Japan.
LGLS accounts for the agreement that “LGLS has secured the upfront and phased milestone payment about successfully self-developed biosimilar technology. Moreover, commercialization of the product in both South Korea and Japan will be accelerated.”
Also, LGLS explains “With the plenty clinical trial data, LGLS is looking forward to entering the Global Biosimilar Market with various strategic alliances in emerging countries.”
Mochida Pharmaceutical, Co. Ltd, established in 1913, is a Japanese company specialized for pharmaceuticals and healthcare businesses which has has experienced the development of a biosimilar product in Japan.
Meanwhile, LGLS received financial aid for R&D of biosimilar from The Ministry of Knowledge Economy in 2010; therefore the recent licensed agreement is considered as another successful case that is supported by Government.
Source: LGLS press release