Source: Press release by Lumosa Therapeutics
Lumosa Therapeutics Co., Ltd. (Lumosa; code: 6535.TWO) is pleased to announce the signing of an exclusive distributorship agreement with DONGWHA Pharmaceutical Co., Ltd. (DONGWHA; code: 000020.KS) in Korea for Lumosa’s LT1001, an extended-release analgesic injection. According to the agreement, Lumosa is responsible for the Korean market authorization and the supply of drug products, and DONGWHA will conduct commercialization, marketing, and sales of LT1001 in the country. Besides upfront payment, Lumosa may receive additional milestone payments when LT1001 is approved by the Korean health authority.
Lumosa's CEO Mr. Rongjin Lin stated: “LT1001 is the first new drug developed by Lumosa that has successfully reached the market. With its extensive global patent strategy and the maximization of LT1001's value through regional expansion, the product is well suited for any regional licensing and will contribute stable revenue for the company. We are pleased to partner with DONGWHA. Their mature and diverse marketing channels and sales experiences are the keys to LT1001's visibility and competitiveness in Korea. We are looking forward to seeing the day when Korean patients start to benefit from this drug."
LT1001 is the world’s first week-long extended-release analgesic injection. The long analgesic effect, good safety profile, and convenient medication regime, as well as low substance dependence potential, are the advantages of LT1001 over other opioid products. LT1001 has received market approval from Taiwan FDA and Singapore HSA. Approvals in other ASEAN countries such as Thailand and Malaysia are underway, which may be granted in 2021 and 2022, respectively. A Phase 3 clinical trial is ongoing in China.
Korea is considered one of the top choices for LT1001 in Northeast Asia. Korean pharmaceutical market has experienced a continuous high growth rate and analgesics is one of the fastest-growing categories. Revenue in the analgesics segment amounts to US$188.21 million in 2021. The market is expected to grow annually by 7.04% (CAGR 2021-2025). The medical setting and the treatment of moderate to severe postoperative pain are similar between Taiwan and Korea in which traditional opiates are still the mainstay medication. LT1001 is anticipated to be approved by H2 of 2022 at the earliest.
DONGWHA has over 120 years of history with over 27 sales offices in Korea. The total sales volume in 2019 was over US$ 270 million and the compound annual growth rate for prescription medicine for the past three years was 18.9%. DONGWHA has a long-term collaboration in new drug development and business expansion with well-known international pharmaceutical companies such as Pfizer, Daiichi Sankyo, and LEO Pharma, involving numerous analgesic agents and surgery-related product combinations.