Bukwang Pharmaceutical Signs Saudi Licensing Deal for Diabetes Neuropathy Drug
Bukwang Pharmaceutical is expanding its overseas business with a licensing and supply agreement for its diabetes-related neuropathy treatment in Saudi Arabia, marking its first technology export of a self-developed drug in 21 years.The company announced on November 4 that it had signed an exclusive licensing and supply agreement for Dexid Tablets with NASAQ, a pharmaceutical company based in…
Bukwang Pharmaceutical has signed an exclusive licensing and supply agreement with Saudi pharmaceutical company NASAQ for its diabetes-related neuropathy treatment, Dexid Tablets. This marks the company's first technology export of a self-developed drug in 21 years and aligns with Saudi Arabia's Vision 2030 strategy to localize pharmaceutical manufacturing.
Under the five-year contract, NASAQ will handle local regulatory approval, marketing, and distribution, while Bukwang will support the approval process and supply the finished product. The agreement includes a technology transfer for local manufacturing, with the initial purchase commitment of approximately $2.66 million, or 3.7 billion won, and an estimated supply value of $4.53 million, or 6.3 billion won.
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