Hanmi Pharmaceutical signs Sanofi diabetes mega deal

 06-Nov-15, Business Korea

Hanmi Pharmaceutical has signed a contract to export a diabetes treatment technology for 5 trillion won (US$4.4 billion), the highest-ever amount in the history of the Korean pharmaceutical industry. Considering that the size of the Korean pharmaceutical industry is valued at 17 trillion won (US$14.9 billion), it is said that this one deal will advance the Korean pharmaceutical industry significantly.

Image: Business Korea

Hanmi Pharmaceutical announced that the company struck a deal to export technologies on three new materials for long-acting diabetes treatments to Sanofi, a multinational pharmaceutical firm. 

The deal is worth a total of €3.9 billion (US$4.2 billion). The new materials reduce negative side effects and optimize medical effects by minimizing dosing frequencies and dosages. Hanmi will receive an upfront payment of €400 million (US$435 million), and is eligible for up to €3.5 billion (US$3.8 billion) in development, registration and sales milestones, as well as double digit royalties on net sales.

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