Galmed Pharmaceuticals Ltd. and SAMIL Pharm. Co.recently announced that a license agreement has been put into place for an exclusive, royalty-bearing license for Aramchol and its commercialization in the Republic of Korea.
Aramchol is designed to treat fatty liver indications, which includes nonalcoholic steatohepatitis.
"SAMIL has a focused, gastrointestinal- and liver-related therapeutic strategy, which represents about one-third of their 2015 annual sales, as well as proven commercialization capabilities in these areas," Galmed's President and CEO Allen Baharaff said. "Since 2007, we have developed a deep relationship with SAMIL's executive management and are enthusiastic to ink our first commercial partnership with Samil, and in Asia."
Under he terms of the agreement, Galmed will receive $2 million from SAMIL up front and additional milestone payments based on clinical and regulatory conditions that could amount to $6 million. Galmed will also receive tiered, double-digit royalties based on sales.
"Our focus on gastrointestinal and liver-related therapeutics is already evident in Korea, and we have every intention to fortify and build our capabilities, and range of drugs, in this category even larger going forward," Seung Bum Huh, SAMIL's President and CEO, said. "We have evaluated new therapeutics and believe that Aramchol fits our strategy.”
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