On the 7th, JEIL PHARMACEUTICAL's subsidiary Onconic Therapeutics announced that its gastroesophageal reflux disease treatment 'Ja Q Bo' will expand into five Nordic countries.
According to Onconic Therapeutics, the company has signed a supply agreement with a Swedish pharmaceutical company for the distribution and sale of Ja Q Bo. As a result, it holds distribution and sales rights for 'Ja Q Bo 20 mg' in the five Scandinavian countries, including Sweden, Norway, Denmark, Finland, and Iceland. The major terms of the agreement with the pharmaceutical company are not disclosed due to confidentiality clauses.
Ja Q Bo is a new drug for gastroesophageal reflux disease in the potassium-competitive acid-blocking (P-CAB) class, which received approval as Korea's 37th domestically developed new drug in April of last year. JEIL PHARMACEUTICAL researched the initial candidate substance, and Onconic Therapeutics conducted the subsequent development. Currently, clinical trials are underway in China, which has the world's largest market for digestive ulcer agents.
The partner company responsible for the distribution and sale of Ja Q Bo is described by the company as a Swedish pharmaceutical company that is competitive in supplying and distributing rare disease medications and imported pharmaceuticals in the Nordic pharmaceutical market.
To date, Onconic Therapeutics has concluded technology export and finished goods export contracts with 21 countries, including China, India, Mexico, and countries in Central and South America. With this contract, the five Nordic countries will be added, bringing the total to 26 countries just one year after the new drug's approval.
An official from Onconic Therapeutics noted, "The signing of this distribution and sales agreement in Northern Europe is expected to serve as a foothold for Ja Q Bo's expansion into the European Union (EU) in the future."