Genovis signs distribution agreement for South Korean market
Genovis continues to expand in Asia and has signed a distribution agreement with Chayon Laboratories Inc. for the South Korean market. The agreement covers sales from Genovis’ current and future products.
It was a South Korean company that had the world’s first antibody-biosimilar approved. Since then, the market for biopharmaceuticals has continued to grow strongly in South Korea.
Both Samsung Biologics and Celltrion have large research and production facilities for biological drugs, including biosimilars, in South Korea. The production capacity of both of these participants is expected to grow sharply over the next few years, which will make South Korea one of the largest players in the market moving forward.
To meet the need for development of biologicals Genovis has chosen to partner with Chayon Laboratories, which is headquartered in Seoul. The company is engaged in the sale and distribution of several products for drug development and has a technically oriented sales strategy similar to the successful strategy that Genovis developed in the European and American markets.
“The South Korean market has a well-established base in biopharma that has mainly focused on ‘biosimilars’ (generics of biological drugs), and there are great ambitions to become world leaders in the development and production of biological drugs over the next few years. We look forward to the opportunities offered by cooperating with Chayon and the continued establishment of our products in an exciting market,” said Fredrik Olsson, CEO of Genovis.
Chayon Laboratories has an extensive customer base and well-educated sales organization that will be a great asset for reaching the South Korean pharmaceutical companies and facilitating continued development of biopharmaceuticals.
“Genovis provides innovative products for the biopharmaceutical industry. We look forward to introducing the latest technologies from Genovis to the South Korean customers,” says Minah Lee, Managing Director, Chayon Laboratories Inc.
ABOUT CHAYON LABORATORIES
Chayon Laboratories strives to introduce the best and latest technologies in life science. Since its inception in 1997, Chayon Laboratories has become a leading company for the distribution of advanced technological equipment and services for various applications.
For more information, please contact: Fredrik Olsson, CEO, Genovis AB Tel: 0046 (0)46 -101233 fredrik.olsson@genovis.com
ABOUT GENOVIS
Genovis’ business concept is to apply its knowledge and imagination to design and provide innovative tools for the development of the drugs of the future. Today Genovis sells several enzyme products known as SmartEnzymes all over the world in innovative product formats that facilitate development and quality control of biological drugs.
The Group consists of Genovis AB and the wholly owned subsidiary Genovis Inc. (USA). Genovis shares are listed on Nasdaq First North Stockholm and Erik Penser Bank is the Company’s Certified Adviser. T: +46 (0)8-463 83 00.
This information is information that Genovis AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, by the contact person set out above, on April 6, 2018.
This press release is a translation of the Swedish original. In the event of any discrepancy between this translation and the Swedish original, the Swedish version shall prevail.