Rockwell Medical has entered into an exclusive license agreement with Jeil Pharmaceutical for the rights to commercialize Triferic (ferric pyrophosphate citrate) in South Korea.
Under the terms of the license agreement, Jeil will be the exclusive development and commercialization partner for Triferic in South Korea and Rockwell Medical will supply the product to Jeil. In consideration for the license, Rockwell Medical will receive an upfront fee and will be eligible for milestone payments and royalties on net sales.
Jeil has developed and supplied pharmaceutical products and contributed to the growth and development of the pharmaceutical industry in Korea since its founding in 1959. Jeil, listed on the Korea Composite Stock Price (KOSPI) index since 1988, has approximately 1,000 employees and more than $576 million in sales for the year ended 2019. Jeil will leverage its strong development and commercialization capabilities and local market expertise to promote Triferic to nephrologists in South Korea. A Joint Alliance Committee, comprised of members from Rockwell Medical and Jeil, will guide the development and execution for Triferic in South Korea. Jeil will be responsible for all regulatory and commercialization activities. Product sales are anticipated to begin in early 2022, subject to regulatory approval.
“We are pleased to announce the license agreement with Jeil and the establishment of a relationship between our two companies,” said Russell Ellison, M.D., President and Chief Executive Officer of Rockwell Medical. “With its substantial development and commercialization capabilities and local market expertise, Jeil is well positioned to ensure that hemodialysis patients have access to our innovative therapeutic across South Korea. Today’s news marks another meaningful advancement for Triferic, as we expand our global footprint and drive the long-term value of Triferic.”
“We welcome this opportunity to collaborate with Rockwell Medical to provide Triferic to patients on hemodialysis in South Korea,” said Suk-Je Sung, President and Chief Execute Officer of Jeil. “There remains a significant unmet need for innovative medicine to address iron deficiency in these patients, with more than 78,000 patients receiving hemodialysis every year and we expect the number of CKD dialysis patients to continue to increase and double by 2030.”