Huadong Medicine and Daewon of South Korea announced a strategic cooperation on TTP273

Recently, Huadong Medicine announced that it has granted Korea Daewon the exclusive right to develop, produce and commercialize the global innovative small molecule GLP-1 receptor agonist TTP273 (for the treatment of type 2 diabetes) in Korea; Huadong Medicine will receive a down payment of US$1.
5 million , And up to USD 37.
5 million in development, registration and sales milestone payments, and the agreed percentage of net sales
.

TTP273 is an oral small molecule non-peptide GLP-1 receptor agonist for the treatment of type 2 diabetes
.

Through this cooperation, with the help of Daewon's R&D, registration and commercialization capabilities in South Korea, Huadong Medicine is expected to enter the third largest pharmaceutical market in the Asia-Pacific region
.

Huadong Medicine Chairman Lu Liang said, “Daewon is a large pharmaceutical company with a long history in South Korea that integrates pharmaceutical R&D, production and sales.

Both Daewon and Huadong Medicine are deeply involved in the diabetes field with a large number of patients and a wide market demand.

Daewon CEO Bai Chenglie said, “We are very pleased to cooperate with China’s leading pharmaceutical company Huadong Medicine
.

According to the agreement, Huadong Medicine will receive a down payment of US$1.
5 million, as well as development, registration and sales milestone payments of up to US$37.
5 million, and an agreed percentage of South Korea’s net sales commission
.

Huadong Medicine and Daewon will jointly establish a joint steering committee, and Daewon will be mainly responsible for the development, production and commercialization of TTP273 in Korea
.