SK Biopharm to export epilepsy drug tech to Middle Eastern firm

South Korea's SK Biopharmaceuticals announced on Friday a strategic tie-up with Hikma MENA FZE, marking the introduction of its new epilepsy medication, Cenobamate, into the Middle East and North Africa (MENA) region.

The agreement includes an upfront payment of $3 million and royalties based on sales.

Based in the UK and Jordan, Hikma operates globally with a significant presence in the US, Europe, the Middle East, and Africa. The pharmaceutical company is particularly acclaimed as a leading player in the Middle East.

Under this partnership, Hikma will spearhead the sales of Cenobamate across 16 nations in the MENA region, targeting markets including Saudi Arabia, the UAE, and Egypt.

SK Biopharmaceuticals projects the potential of the regional market to be around $442 million.

In addition to the agreement centered on Cenobamate, the two companies foresee an expanded strategic partnership.

Hikma will have the exclusive first-negotiation right for any future products SK Biopharmaceuticals introduces in the MENA region.

As part of this extended collaboration, SK Biopharmaceuticals is set to receive an advance payment of $20 million, which will be allocated toward research, development, and inorganic growth initiatives.

Write to Jeong Min Nam at peux@hankyung.com