Last Friday, Baikang Ltd had made it official that they signed a deal on an exclusive Authorize and supply agreement for towel commercialization of this complex pharmaceutical product, synthetic liraglutide designed to treat chronic weight management. In a statement, the company said Biocon would be in charge of drug development, manufacturing and supply while Handok, as a specialty pharmaceutical firm would take responsibility for regulatory approval acquisition and market entry into Korea.
Siddharth Mittal the CEO and Managing Director of Biocon was quoted saying that “…this collaboration with Handok will open access to our GLP-1 peptide drug product synthetic liraglutide to people on weight management therapies in South Korea.”
In addition he said “This move is also congruous with our commitment towards increasing our affordable innovative portfolio of drugs to meet patients’ unmet medical needs worldwide.”
Handok is one of the companies leading South Korea in diabetes management offering everything from diagnostics through treatment and care.
According to YoungJin Kim who is the Chairman at Handok, “Liraglutide constitutes an important medicinal agent used in treating both diabetes and obesity. Our collaboration with Biocon will enable Handok spread its wings towards offering solutions against obesity helping patients while improving our competitive advantage.
According to IQVIA MAT 4Q2023 data provided by Biocon as cited by IQVIA MAT for Q4 2023 ,the total addressable market opportunity for Liraglutide in South Korea stands at roughly $47m.”
