[THE INVESTOR] Ilyang Pharmaceutical has signed an agreement to export its technology for its new ulcer treatment Noltec to Russia’s largest pharmaceutical company R-Pharm, the company announced on Sept. 5.

The South Korean pharmaceutical company developed ilaprazole -- trade name Noltec -- in 2008 and the drug’s turnover in the first half of this year reached 6 billion won (US$5.42 million), a 7.2 percent rise from the same period last year. 



The US$200 million contract includes exclusive supply of ingredients and finished products in Russia, Armenia and Belarus, and does not include 10 percent royalty based on the sales. The contract will automatically renew every year until the South Korean company’s patent expires.

R-Pharm is a leading pharmaceutical company with annual sales of 1.8 trillion won, and has an exclusive sales right for Ilyang’s leukemia treatment Supect since 2014.

By Hwang You-mee (glamazon@heraldcorp.com)