Deal Done !! MONTREAL, July 20, 2015 /CNW Telbec/ - Telesta Therapeutics Inc. (TSX: TST; PNK: BNHLF) announced today that it has entered into an exclusive license, supply and distribution agreement with BL&H Co. Ltd., a leading Korean specialty pharmaceutical company, for the commercialisation of MCNA1 in South Korea. Under the terms of this partnership, Telesta will receive a combination of upfront payments, regulatory milestones and sales milestones in excess of US$2 million in addition to a significant transfer price, allowing Telesta to receive a large proportion of the revenue related to MCNA sales in South Korea. Telesta will be responsible for the manufacturing and supply of the drug product, while BL&H will cover all costs for registration, sales and marketing in the territory. In addition, BL&H has concurrently subscribed for a private placement in Telesta common shares for an amount of US$200K at market price.
Dr. Michael Berendt, Chief Executive Officer and Chief Scientist commented: "We are pleased to have established this relationship with BL&H whose established track record of successful registrations, market access and launches of oncology and specialty products in South Korea were the deciding factors in our decision to choose to work with them for the launch of MCNA in this important market. This regional transaction represents our first transaction as we continue our discussions with potential strategic partners for all of the key global markets and as we move MCNA towards a near term regulatory approval in the United States, the world's largest pharmaceutical market."
Mr. D.C. Roh, President and CEO of BL&H noted that "MCNA represents a major breakthrough for the treatment of high-risk non-muscle invasive bladder cancer patients who have failed first line BCG therapy. In Korea, as in the rest of the world, this patient group and their treating urologists are very keen to have access to a therapeutic option, to prevent or delay radical cystectomy, a life-altering surgery. We are extremely pleased to have partnered with Telesta to be part of the global effort to bring forward this important medicine to patients."
The South Korean Food and Drug Administration registration process is adapted to products already approved by the U.S. Food and Drug Administration (FDA) or European Medicines Agency (EMA), Registration and price reimbursement can be expected approximately within one year from application. South Korea is currently the world's 14th largest market for global pharmaceutical sales.
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