Thursday, January 3, 2013

PharmaScience enters Korea with a Joint Venture with Korea Kolmar Holdings

Privately-held Canadian drugmaker Pharmascience and Korea Kolmar Holdings, based in Seoul, South Korea, have entered into a Joint Venture arrangement. Both companies would be equally contributing to the capital of the newly formed JV company. The JV (PharmaScience Korea) hopes to obtain required regulatory approvals from the Korea FDA so as to be able to initiate selling generic medicines in Korea by mid 2014.   The JV will initially target to sell CNS drugs.  The products will be manufactured by Pharmascience at its manufacturing facility in Montreal.

Korean Generic market is ranked 13th largest in the world.