Montreal's Pharmascience Inc. expands into Korea by signing agreement with
Korea Kolmar Holdings to create Pharmascience Korea
MONTREAL, Jan. 2, 2013 /CNW/ - Montreal's Pharmascience Inc. and Korea Kolmar
Holdings, based in Seoul, Korea, today announced they have entered into an
agreement to create a new company, Pharmascience Korea, which expects to
launch Canadian-made bio-equivalent medicines in the country by 2014.
The two companies will contribute equal capital amounts into Pharmascience
Korea, which will seek approval of the Korea Food and Drug Administration to
market a variety of Pharmascience bio-equivalent medicines in Korea by
mid-2014. The initial product portfolio will focus on central nervous system
medications to treat a variety of psychiatric disorders.
The products will be manufactured by Pharmascience at its state-of-the-art
facility in Montreal which recently underwent a significant expansion and
upgrade involving an investment of $40 million.
"This collaboration allows Pharmascience to establish a significant presence
in the important Korean pharmaceutical market, and is consistent with our
strategy of expanding the Pharmascience presence internationally and creating
an opportunity to increase the level of exports from our Montreal
manufacturing facility," said David Goodman, Chief Executive Officer of
"Kolmar is a very successful company in Korea with great reputation and values
like those of Pharmascience, making for a great fit between the two
organizations," said Trevor Arsenault, Vice-President, Pharmascience
International Division. "Their local expertise is a key asset in this
partnership and we anticipate great success from this joint endeavour."
Dong-han Yoon, Founder and Chairman of the Board of Korea Kolmar Holdings,
said, "We are very pleased to enter into this important partnership with
Pharmascience which will allow us to bring their high-quality, Canadian-made
medicines to patients in Korea."
The Korean bio-equivalent drug market is ranked the 13th largest in the world
while that of Canada is ranked 10th. Management of the new company will be
COSMO USA IBRC, Inc. (www.cosmo-usa.com), a life sciences industry consulting
company, served an integral role in bringing Pharmascience and Kolmar Korea
together for this agreement. Important support was also received from KOTRA
(Korea Trade-Investment Promotion Agency) Toronto of the Consulate General of
the Republic of Korea, Commercial Section, as well as the Canadian Trade
Commissioner in Canada and South Korea.
About Korea Kolmar Co. Ltd.
A subsidiary of Korea Kolmar Holdings, Korea Kolmar Co. Ltd. was founded in
1990 and is a major manufacturer of cosmetics and pharmaceutical products. It
is Korea's largest cosmetics manufacturer, responsible for almost one third of
all cosmetics sold in the country. Its Pharmaceutical division is responsible
for about 30 per cent of company sales. The company has 700 employees and had
revenues in 2011 of US$300 million, an increase of 20 per cent over 2010.
About Pharmascience Inc.
Founded in 1983 in Montreal, where its headquarters remain, privately held
Pharmascience Inc. is Canada's third largest manufacturer of bio-equivalent
medicines, with annual sales exceeding US$700 million. Through its
International Division, its products are exported to 60 countries around the
world. It also makes and distributes patented prescription and
over-the-counter treatments through its Pendopharm division while its Aegera
Therapeutics unit is researching innovative new biotechnology therapies.
Pharmascience is one of Canada's leading corporate investors in research and
development and employs more than 1,300 people, primarily in Montreal. Over
the past five years, Pharmascience has donated products with a wholesale value
of $23.5 million for overseas humanitarian use, making it one of the most
generous product donors in the Canadian pharmaceutical industry.
Silvie Letendre Director of Corporate Affairs and Communications Pharmascience
Inc. email@example.com Mobile: (514) 979-7577
SOURCE: Pharmascience Inc.
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CO: Pharmascience Inc.
-0- Jan/02/2013 10:59 GMT
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