Luoxin Pharmaceutical Signed a Cooperation Agreement with HK inno.N Corporation
Shanghai,China, June 24, 2021-- Shandong Luoxin Pharmaceutical Group Stock Co., Ltd.(Shandong Luoxin), a subsidiary of Luoxin Pharmaceutical Group Stock Co., Ltd. (Luoxin Pharmaceutical) signed a cooperation agreement with South Korea-based HK inno.N Corporation (formerly CJ HealthCare Corporation) whereby Shandong Luoxin will gain the exclusive rights for the development, manufacture, and commercialization of Tegoprazan injections in China. At present, Tegoprazan injections are not yet available anywhere worldwide. The signing event took place online.
Tegoprazan, a novel potassium-competitive acid blocker (P-CAB), inhibits gastric H+/K+-ATPase (proton pump) in a potassium-competitive and reversible manner.Different from the traditional proton pump inhibitors (PPI), P-CAB can directly inhibit H+/K+-ATPase without activation in strong acid environments. Moreover, P-CAB can be combined with H+/K+-ATPase whether it is activated or not. Tegoprazan injections have mainly been developed for the treatment of acid-related gastrointestinal diseases such as gastroesophageal reflux disease (GERD) and upper gastrointestinal bleeding as well as for the prevention of stress gastric mucosa injury. The drug has many advantages, including fast onset of action, effectiveness over a prolonged period and stability under acidic conditions that can simultaneously inhibit both activated and resting state proton pumps.
Statistics from IQVIA reveal that China’s PPI market amounted to about US$3 billion in 2020, ranking second in the world just behind the U.S. The market for injections reached nearly 2 billion (approx.12.8 billion yuan), accounting for 60 percent of the total PPI drug market.Under the agreement, Shandong Luoxin will receive the exclusive development, manufacture, and commercial rights of Tegoprazan injections in China, and pay up to US$5 million in total down payments and sales milestone payments.
HK inno.N Corporation CEO Kang Seok-hee said “As the development partner of our P-CAB in China, Luoxin Pharmaceutical has strong competitive and excellent business capabilities in the digestion sector. I am pleased that the two sides have been able to enter into this cooperation with the aim of increasing the value of Tegoprazan in the Chinese market.”
Luoxin Pharmaceutical chairman and CEO Ryan Liu noted “We have maintained a good partnership with HK inno.N Corporation and hope the joint efforts to explore innovative drugs can pay off as soon as possible and provide more effective therapies to patients worldwide. We are looking forward to further expansion of the cooperation in the future.”
The collaboration between Luoxin Pharmaceutical and HK inno.N Corporation (formerly CJ HealthCare Corporation) began in 2015, when they reached an agreement on the exclusive development, production and commercial rights of Tegoprazan in China. Clinical trial approval was obtained in June 2017, while the first phase III clinical study results reached the main efficacy end point in 2019. At present, the marketing authorization application for Tegoprazan has been accepted by China's Center for Drug Evaluation (CDE).
【HK inno.N Corporation】
HK inno.N Corporation is a biotechnology and pharmaceutical company that is the process of applying to launch an IPO on the Korea Stock Exchange. Since inception in 1984, the firm has dominated the South Korean drug market with its lineup of prescription drugs for the treatment of gastrointestinal, kidney and circulatory aliments as well as cancer and diabetes, alongside an over-the-counter drug portfolio. The company was acquired by Kolmar Korea Co., Ltd on February 18, 2018, and completed its official registration for a name change on February 6, 2020, from the original CJ HealthCare Corporation to HK inno.N Corporation.
Luoxin Pharmaceutical Group (Luoxin Pharmaceutical) is a healthcare conglomerate that is engaged in health services as well as the R&D, manufacture and sales of pharmaceuticals. As one of the fastest-growing and leading pharmaceutical companies in China, Luoxin Pharmaceutical is committed to providing customers with high-quality API, multi-agent drugs (tablets, capsules and injections) and healthcare services.
Luoxi Pharmaceutical has been included in the list of China’s top 100 pharmaceutical producers for several consecutive years and been named among the Top 20 Pharmaceutical Companies By R&D Strength multiple times. Its shares were listed on China’s A-share market in 2019, with the stock code 002793.