Drug delivery specialist Eurand is to begin supplying its extended release formulation of cyclobenzaprine HCl to South Korea’s Daewoong Pharmaceuticals.
The license and supply agreement, which is subject to the drug’s approval by local regulators, will see Daewoong commercialise the product in the country for the musculo-skeletal pain relief market.
Cyclobenzaprine ER uses Eurand’s Diffucaps multiparticulate bead technology to extend its release period and reduce fluctuations in plasma levels that are associated with drowsiness.
Andrew Thompson, Licensing Director of Eurand, said that the agreement "marks an important step in our business development in both South Korea and Southeast Asia.”
“In this region, we hope to emulate the success that our commercially proven technologies have already achieved with currently marketed products in the United States, European Union and Japan,” he added.
Thompson went on to say that Eurand plans to increase its “presence in Southeast Asian markets through additional partnerships and collaborations with leading pharmaceutical companies in the region."
Kwan-Soo Park, Daewoong’s business development manager, commented that: "Cyclobenzaprine ER is an excellent fit with our portfolio, providing us the opportunity to offer physicians and patients the benefits of convenient dosing and low rates of sedation. We believe there's a substantial market opportunity in South Korea.”
In the US, where Eurand has patent rights to cyclobenzaprine through to 2025, the drug is marketed by licensee Cephalon under the Amrix brand name. According to Cephalon’s most recent financial report, the drug generated revenues of nearly $27m (€18.4m) for the six months ended June 30.
Licensing deals boost Q2 revenue
For the quarter ended June 30, Eurand reported an operating loss of €2.6m, an increase on the €1.1m deficit it posted for the comparable period last year.
The Amsterdam-headquartered firm attributed the deepening shortfall to higher sales, general and administrative expenses that rose 87 per cent as it acquired Source CF and revamped its sales force infrastructure.
Total revenue for the period grew 16 per cent to €23.4m, partially driven by higher royalties from its licensing deals with Cephalon and Axcan, which markets Eurand’s Ultrase product.