Daewoong,"promoting to change Fexuprazan's partner"

Termination of development and commercialization contract with Neurogastrx

Start negotiations with new partners

Daewoong Pharmaceutical is going to change partners in charge of the development and commercialization of Fexuprazan in the North American market.

 

Daewoong Pharmaceutical announced on the 5th that it has terminated the exclusive license agreement with Neurogastrx of the United States for the clinical development and commercialization of Fexuprazan in the US and Canada markets under an agreement between the two companies.

 

The two companies signed a contract in June 2021.

 

Daewoong Pharmaceutical explained that it decided to terminate the contract under the judgment that it needed a strategic partner that can quickly develop Fexuprazan for various indications in the North American market.

 

Neurogastrx is said to have agreed to terminate the contract after determining that the development of Fexuprazan no longer aligns with its strategic business plan through pipeline re-evaluation.

 

Upon termination of the contract, Daewoong Pharmaceutical has withdrawn all rights to clinical development and commercialization of Fexuprazan in the US and Canada.

 

However, the 5% stake in Neurogastrix acquired by Daewoong Pharmaceutical at the time of the contract in 2021 is not returned.

 

Daewoong Pharmaceutical started looking for a new partner.

 

In particular, it has entered into negotiations with multiple multinational pharmaceutical companies that can simultaneously conduct clinical development not only in North America but also in global big markets such as Europe and Japan.

 

Jeon Seung-ho, CEO of Daewoong Pharmaceutical, said, “With P-CAB receiving new attention from medical professionals around the world, we are communicating with multiple multinational pharmaceutical companies that can quickly settle Fexuprazan in the global market.” CEO Jeon Seung-ho emphasized, "We will secure additional indications for Fexuprazan in the global big market and accelerate the development of formulations to achieve 1 trillion won in sales by 2030 and develop it into a Best-In-Class within the family." In July of last year, Daewoong Pharmaceutical launched Fexuclue, a gastroesophageal reflux disease treatment in the P-CAB (Potassium Competitive Gastric Acid Blocker) class, as the 34th domestic new drug.

 

Fexuprazan improves the disadvantages of existing PPI drugs and quickly and stably suppresses gastric acid secretion without activation by gastric acid.