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Cardiome Enters Commercialization Agreement with Chong Kun Dang for BRINAVESS® in South Korea
Tuesday, January 5, 2016Company Profile | Follow Company
Vancouver, BC, January 5, 2016--(T-Net)--Cardiome Pharma Corp. (NASDAQ: CRME / TSX: COM) today announced that one of its subsidiaries has entered into an agreement with Chong Kun Dang Pharmaceuticals ("CKD") to commercialize BRINAVESS® (vernakalant HCl) in South Korea. CKD will be responsible for obtaining the regulatory approval required to commercialize BRINAVESS in South Korea.
Cardiome will receive an undisclosed upfront payment and is eligible to receive regulatory milestone payments. CKD has agreed to minimum annual commercial targets for BRINAVESS. Other details of the agreement have not been disclosed.
"Cardiome is excited to enter into this BRINAVESS commercialization agreement with CKD," said Hugues Sachot, Cardiome's Senior VP. "Korea boasts a rapidly growing pharmaceutical market led by companies such as CKD and we are fortunate to be working with them. Cardiome remains committed to making BRINAVESS available worldwide to treat patients suffering from recent-onset atrial fibrillation."
"CKD believes that BRINAVESS is a compelling medicine and we are pleased to work with Cardiome to bring BRINAVESS to Korea," said Young Joo Kim, CKD President. "We expect BRINAVESS to provide benefits to Korean patients suffering from AF once it is approved for sale in Korea."
In 2013, the Korean pharmaceutical market was estimated to be valued at US $17.3B.1
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