SK Biopharmaceuticals signs epilepsy drug deal with Brazil’s Eurofarma

South Korea’s SK Biopharmaceuticals Co. has signed a deal to license out its technology for Cenobamate, an antiepileptic drug, to Brazil’s Eurofarma Laboratórios S.A. to enter the Latin American market.

With the technology transfer, SK aims to sell Cenobamate in 17 Latin American countries via its Brazilian partner, the Korean company said on Thursday. SK hasn’t obtained approval for the sale of the drug in Latin America.

Under the deal, SK Biopharmaceuticals will give Eurofarma exclusive rights to manufacture and commercialize Cenobamate in Latin America.

In return, SK will receive $15 million in an upfront payment and is eligible to receive $47 million in milestone fees as well as royalties on net sales once the drug is available in the Latin American market.

“We are extremely pleased to partner with Eurofarma, which has a proven track record in the region and a widespread network to drive the development and commercialization of Cenobamate in Latin America,” said SK Biopharmaceuticals Chief Executive Cho Jeong-woo.

Eurofarma has been operating in the healthcare industry since its establishment in 1972.

Cenobamate is the first drug that a South Korean company has developed on its own from candidate substances discovery to clinical trials, licensing and sales in the US after obtaining approval from the Food and Drug Administration (FDA).

GROWTH POTENTIAL IN LATIN AMERICA

Epilepsy is one of the most common neurological diseases, affecting over 6 million people in Latin America.

According to the Pan American Health Organization, the regional office of the World Health Organization (WHO) for the Americas, over half the people living with epilepsy in Latin America and the Caribbean do not receive appropriate treatment.

In May of 2020, SK began selling Cenobamate, a medication used for the treatment of partial onset epileptic seizures, in the US under the brand name Xcopri.

Last December, it took the drug to the UK following earlier launches in Germany, Denmark and Sweden for the European market.

In Asia, Cenobamate is in phase 3 clinical trials.

Last year, SK established Ignis Therapeutics in China, a central nervous system (CNS)-focused biotech joint venture with a group of investors led by 6 Dimensions Capital, a Shanghai-based global investment firm.

In Japan, SK last October signed an exclusive licensing agreement with Ono Pharmaceutical Co. for the Japanese company to develop and commercialize Cenobamate there.

SK Biopharmaceuticals aims to become one of the world’s top 10 healthcare companies by 2030 with an enterprise value of 50 trillion won ($44 billion) by then.

Write to Jae-young Han at jyhan@hankyung.com
In-Soo Nam edited this article.